A specialist real estate development finance provider, Maslow Capital, has supplied a £13.7 million loan facility to Sheen Lane Developments for the redevelopment of a disused office block into ‘64 high-quality residential apartments’.
The £25 million GDV scheme, located in Purley, a district only three miles south of Croydon, is set to enhance the local area through the transformation of a disused building, ‘whilst delivering 64 residential apartments to an area that is popular with London’s professional workforce’.
The scheme is a ‘unique island site’ in a town centre residential location, arranged over six floors. Upon arrival, residents are set to be greeted by a ‘spectacular’ central light-filled courtyard with an internal garden terrace on the first floor and 360-degree panoramic views on the upper levels of the building.
Each floor is set to benefit from allocated amenity space such as a gym, cinema, breakout areas and communal space. In line with increasing consumer demand for greener transportation, electric charging car points and cycle storage will also be included.
Emma Burke of Maslow Capital said the company is pleased to be supporting the redevelopment of this ‘truly unique building’.
“Sheen Lane Developments have extensive experience in the area of office to residential conversion and we are confident their expertise will bring the unique characteristics of the building back to life,” she commented.
Anthony Raud, associate at Maslow Capital, added: “Maslow Capital has dynamic funding in place that allows us to provide loans from as low as £5 million up to £150 million. Our support of Sheen Lane, which closely follows a £14.2 million deal completion in Hammersmith, shows our ongoing support of SME developers. We are committed to supporting and delivering for customers, no matter the size of the project or debt quantum.”
Andrew Cooper, director at Sheen Lane Developments, said his firm is delighted to have completed the acquisition of Capella Court in Purley.
“Known locally as the ‘VW Building’, we look forward to redeveloping this landmark building into 64 well-sized apartments of the highest quality and interior design. Purley is a very desirable commuter town and the proximity to the station and the high street will make this a very attractive prospect for first time buyers and investors. We look forward to the next deal with Maslow Capital.”
Sheen Lane Developments, a privately owned development company in Richmond, were advised by Savills, Brecher and Naismiths.
Maslow Capital was founded in 2009 and offers flexible funding solutions for professional developers across the UK undertaking mainly residential, PRS, BTR, mixed-use and PBSA developments.