GRE Finance has provided a £5m loan to London Green to fund the acquisition of a 0.8-acre development site in a west London regeneration zone.
The facility was provided at 70% LTV on an 18-month term.
The Mitre Wharf site in west London’s borough of Hammersmith and Fulham, which is situated within a large regeneration project area managed by the Old Oak and Park Royal Development Corporation (OPDC), comprises a multi-let open storage facility and a 1,743 sq ft warehouse.
It also benefits from an allocation within OPDC’s draft local plan for over 100 homes and 420 square metres of commercial space.
London Green will be seeking planning permission that will contribute to the OPDC’s 25,500 new homes target for the area and bring further uplift alongside HS2 and Crossrail.
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Daniel Benton, director and co-founder of GRE Finance, said: “Development of the OPDC area is estimated to provide a £15bn economic boost for London over the next 30 years.
“Scrubs Lane has been identified as a key area for the early delivery of new homes, making this site a fantastic development opportunity.
“We were delighted to help fund this acquisition for London Green, whom I believe will create and deliver a scheme that will transform this site into a thriving waterside community.”
James Tregoning, managing director at London Green, commented: “This purchase is central to our core strategy of securing underutilised brownfield development sites and demonstrates our ability to swiftly acquire unconsented and complex sites.
“GRE had a strong understanding of our goals and the development cycle, and we are delighted to have completed on our first purchase with them, supported by our debt adviser, Mantra Capital.
“We are excited to start working with all major stakeholders to bring a vibrant new community to this exceptional waterside location.”
https://developmentfinancetoday.co.uk/article-desc-8772_London%20Green%20secures%20%C2%A35m%20from%20GRE%20for%20west%20London%20site%20purchase
