Investec Structured Property Finance has provided a £46 million (€52.3 million) financing facility to residential developer Westbourne Capital Partners.
The loan will fund the acquisition of a two-acre site in St John’s Wood, north London, adjacent to the famous Lord’s cricket ground. It will support Westbourne through acquisition and planning as the UK developer explores the options to vary the existing planning permission for 128 residential units.
The developer is considering options for the land including the delivery of a luxury retirement scheme, student housing, or working in partnership with local hospitals to provide either office space or a step-down facility, allowing patients to leave hospital but still receive full-time medical care.
The development will occupy a site on the border of Regent’s Park and adjacent to the stadium. Additionally, the Wellington Hospital Platinum Care Unit is less than 500 metres away.
This is the second Westbourne scheme that Investec has financed. Earlier this year it provided a £55 million facility for the development of 55 retirement apartments in Chelsea, south-west London.
In September, Investec wrote a £60.7 million debt facility for two private rented sector schemes in the UK. The financing consisted of two senior loans, provided to Southdawn Limited – the development arm of PRS operator and developer Rooms & Studios.