Specialist property lender ASK Partners (ASK) has announced that it has provided a 24-month senior loan facility of £18.2m to support a private client investor in the acquisition of Chiswick Tower, an office block situated in the affluent West London area of Chiswick next to Gunnersbury Park and tube station.
The tower sits on a two-acre site and comprises a basement, ground and 17 upper floors of office accommodation. In its current state, the accommodation is not considered fit for purpose in the present market, where tenant demand for high-quality office space is soaring.
Following its listing on the open market, the building garnered significant interest, with multiple bids reflecting its potential for conversion into various alternative uses. ASK’s client successfully acquired the site and is now in the process of securing permission to transform the building into a 415-bed co-living scheme. The plan also includes an affordable housing scheme in the current car park area, further enhancing the site’s value and appeal.
Elliot Blatt, head of origination at ASK, said: “We were delighted to lend against this site. Our client has a very sound business plan to repurpose this building, adding value to a desirable development site. We are definitely seeing appetite for co-living increase, as the set-up has gained in popularity amongst graduates and young professionals. The model has also now been bolstered by some very strong success stories in London.”
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