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- OVERVIEW – Investors in this opportunity will fund the redevelopment of 23 luxury self-contained serviced studio apartments in Gloucester Road (otherwise known as “The Property”), located in the Prime Central London location of South Kensington.
- TERM –The estimated term for this investment is 8 months. If the loan is not repaid by the end of the estimated term, returns will accrue on investments for a further three months from the end of the estimated term up until the hard stop date (December 2023).
- PLAN – Full planning permission has been approved for the rear extensions of the Property, the rebuilding of the mansard roof level, and the internal reconfiguration of the apartments. The quality of finish, design and specification is expected to be very high. The developer will use the loan to fund the development and provide some equity release. Funding will be provided in phases over the course of the construction programme.
- LOCATION – The Property is located on Gloucester Road which is a well-regarded mixed-use road with good connections to transport and local amenities. South Kensington is a highly sought-after Prime London location, and the area appeals to the affluent domestic and international market.
- PROPERTY – The freehold property is part of a terrace of large Victorian townhouses.
- EXIT PLAN – The Borrower intends to keep the Property and incorporate it into its serviced apartment business renting out the studio apartments. They therefore plan to refinance the property upon completion.