Specialist property lender, ASK Partners (ASK), today announces that it provided a £25m senior loan facility to London property developer Avanton, secured against a 4.6 acre freehold site in North Sheen, Richmond.
The site consists of a 56,840 sq. ft. retail warehouse split into two units, formerly occupied by Homebase and Pets at Home, and a 174-space car park.
ASK’s loan has refinanced the existing debt in the structure from ICG, enabling Avanton to progress their business plan. Planning consent for 453 residential units on the site was achieved in May 2024
Omer Weinberger, ceo of Avanton, said: “Refinancing this site with ASK will help us unlock the potential of this fantastic development opportunity. We are looking forward to growing our development portfolio in west London with a high-quality mix of private and affordable homes to meet London’s needs. It was a pleasure to work with ASK, we have built a strong relationship with the team and their knowledge and flexibility was much appreciated.”
Mike Ginsberg who ran the transaction for ASK, commented: “We were delighted to work with Avanton who have shown great vision and commitment in unlocking significant value for the micro-location. We look forward to seeing this project progress in line with their business plan.”
ASK was advised by Shepherd and Wedderburn, Montagu Evans and Newsteer.
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