Investec Structured Property Finance has agreed a £46m financing facility to Westbourne Capital Partners for a two-acre site in St John’s Wood, north London.
The finance package will support WCP through acquisition and planning, as it explores a number of options to vary the existing planning permission for 128 residential units.
Plans for the site could include luxury retirement, student housing, or working with local hospitals to provide office space or a step-down facility.
Johnny Sandelson, partner at Westbourne Capital Partners, said: “We are pleased to be acquiring a site which offers huge potential for a number of different land uses and which we are confident of being able to extract considerable value.
“The importance of having a bank alongside us that really understands the intricacies of acquisition and planning finance is key on a scheme like this and Investec fits this bill perfectly.”
This is the second WCP scheme that Investec has financed, after providing a £55m facility for the development of 55 later-life residential apartments and more than 30,000 sq ft of amenity space in Chelsea, south-west London.
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