Octopus Real Estate, part of Octopus Group and a leading UK specialist real estate lender and investor, has completed on a £30 million loan to aid the acquisition of a 182,764 sqft office and warehouse space to be used as film and TV studios in Mill Hill, North London.
The site, currently known as IBSA House, consists of an office block with ancillary warehouse and yard. It is located in one of London’s most sought after residential suburbs, under 10 miles from Central London and just a short walk away from Mill Hill East underground station. The site also provides good access to the M1 motorway. The building was originally built for Carl Zeiss optical works and was most recently the HQ for the Servants of Jehovah’s Witnesses religious institution.
The borrower, Ridgeway Property Holdings, intends to use the site as a film and TV studio, and has signed a management agreement with Purpose Group, who specialise in flexible leasing strategies aimed primarily at the film and television production sector.
Ludo Mackenzie, Head of Commercial Property at Octopus Real Estate, commented: “The strong location for the film and TV studios makes IBSA House an attractive option for production teams. We’re thrilled to complete another loan to one of our leading clients, who was introduced to us by BBS Capital many years ago and has an excellent track record of repurposing assets in the London market.”
Adam Buchler, Managing Director of BBS Capital, commented: “The potential of this asset and the quality of the sponsor ensured we had significant appetite from a number of lenders. But Octopus Real Estate made a concerted effort to understand the business plan and the vision for the asset and were very pragmatic and flexible in their approach. We are delighted to continue growing this relationship.”