We’ve agreed to provide Saudi Arabian investor, Snabil Limited, with a £12.7 million senior facility to fund the acquisition of a much sought-after site in Chiswick, West London, with the subsequent development of 21 residential apartments. An additional c. 4,300 sq ft commercial unit and basement car park will further increase the desirability of the scheme.
Construction of the apartments, comprising 19 one, two and three bed units, is expected to take 18 months, with the Development Manager being Mayfield Property Group.
Located on Chiswick High Road, the development will benefit from the surrounding vibrant social setting, good schools and excellent infrastructure connections. The local Gunnersbury, Chiswick Park and Turnham Green stations connect Chiswick to Central London in less than 30 minutes.
The 27-month loan continues our drive to grow our residential development loan book exposure in 2018, having already transacted in excess of £125m in the first five months of the financial year.
The broker on this deal was Daniel O’Neil from SPF Private Clients Limited.
