The acquired 0.5-acre site located in the well-connected, affluent west London submarket of Richmond, is a freehold, 61,000sqft former House of Fraser department store which includes further adjacent retail space along Paved Court, making a total of 75,528sqft. Acquired with vacant possession, the site holds a prominent high street position and has planning consent in place for extensive refurbishment to create a mixed-use retail and office development.
ASK and OakNorth Bank have provided a £44.5m senior development and acquisition loan to privately owned property development company Sheen Lane Developments, to fund the acquisition and refurbishment of a former department store.
Elliot Blatt, Investment Manager at ASK Partners said:
“From a finance perspective we were delighted to work with Sheen Lane. The company has an excellent reputation and they have a strong business plan and well-thought strategy for this scheme. I believe their scheme will make a great contribution to the public realm.”
Hemesh Patel, Director of Property Finance at OakNorth Bank, said:
“OakNorth Bank is always thrilled to partner alongside ASK to deliver specialist finance solutions for the UK’s real estate industry. The site in Richmond has excellent prospects and we look forward to watching the refurbishments take shape moving forward.”
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