The loan assisted with the acquisition of the freehold two-acre site, currently occupied by a redundant car dealership, and will be used to support Montreaux’s bid to obtain planning permission for a new mixed-use scheme of around 200 residential units and 18,500 sq ft retail space. Two national supermarket chains have already expressed an interest in the proposed retail element of the scheme.
The project is aligned with local and national housing policy, which seeks to maximise the output of redevelopment and optimise housing delivery on brownfield sites to address the Capital’s housing shortage.
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