Investec provides £25m for hotel redevelopment
Investec Structured Property Finance has provided residential developer James Taylor Homes with a £25m term loan, to fund the redevelopment of a former hotel into residential units.
The former Antoinette Hotel in Kingston upon Thames, South West London will be developed into 89 residential units, James Taylor’s second largest development to date.
The 33-month loan was agreed at up to 53% loan-to-cost.
Will Scoular at Investec Structured Property Finance said: “We have been working with James Taylor Homes for a number of years so it’s great to be supporting them on their latest development project.
“Our expert team’s understanding of the quirks and pitfalls of developing brownfield sites enabled us to provide additional support throughout the process to help tackle some complex property issues.
“This deal reflects our continued commitment to residential development finance and a desire to further grow our book in the sector, as well as reaffirming our appetite to back exemplary developers in strong locations.”
Emil Sohrab, chief executive at James Taylor Homes, added: “We are pleased to be working with Investec again to secure acquisition and development financing for this exciting project to redevelop a former hotel in Kingston.
“The proposed scheme will offer a broad range of high quality unit types and price points, which we hope will serve the local community well.
“We have continued to partner with Investec across their various segments during the last decade and their guidance and expertise has been invaluable to assisting with our growth in that period.
“They understand our business and the market in which we operate, which is why we look forward to working with them again in the future.”
Investec and James Taylor have been involved in property development transactions together over the past decade including the Argo business Centre in Kilburn and 64 Lincoln’s Inn Field.
On this latest project, Investec also supported the client through a challenging planning process to increase the number of units by 12%.