MERA has completed a £1,249,500 facility, secured at 70 per cent LTV over a 24-month term, to support the acquisition of a £1.8mn former commercial glasshouse site near Hitchin, Hertfordshire.
Purchased with vacant possession, the site comprises two bungalows, five acres of glasshouses previously used for commercial farming, and around 40 acres of farmland.
Leo del Rosso, Associate Director at MERA, led the transaction, MERA’s first with this client, introduced by James Wyllie of Montpelier Private Finance.
The mixed nature of the site, spanning residential, commercial and agricultural uses, meant there was no standard lending template to apply: MERA had to assess the letting potential of the glasshouses, bungalows, outbuildings and farmland individually to structure a facility that reflected the asset’s real value.
MERA’s facility funded the acquisition, with the borrower’s wider plan being to bring the site back into full use over time: letting the glasshouses, refurbishing and letting the two bungalows, and refurbishing and subdividing the commercial outbuildings into smaller units to appeal to local occupiers.
Longer term, the owner will explore planning opportunities to develop further commercial space, with potential redevelopment of part of the glasshouse site.
David Merson at gunnercooke supported MERA on legals. Katherine Ilett at Savills provided the valuation.
Comments
Leo del Rosso, associate director at MERA, said: “Sites that combine residential, commercial and agricultural uses under one roof don’t fit a standard lending box.
“As our first deal with this client, getting comfortable with the opportunity quickly took proper diligence rather than a rate-card approach.
“James Wyllie at Montpelier Private Finance was a great partner in bringing the deal to us, and it’s exactly the kind of regional, multi-faceted transaction we want MERA to be known for.
“We’re looking forward to supporting the borrower as their letting and development plans for the site progress.”
Image: pictured – Leo del Rosso, associate director at MERA
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