21 NEW DEVELOPMENTS
An Inspired bit of funding for two home counties resi schemes
from Amicus, arranged by Arc & Co., and £2.2m in preferred equity from Grasslake UK Investments. Bridge House, an early 2000s office building, will be refurbished and extended to provide 39 one and two-bedroom micro-apartments and 22 standard-sized one and two-bedroom apartments close to Chertsey Bridge and the River Thames. Prices start at £265,000 and the scheme has an estimated gross development value (GDV) of £20.4m. The second scheme has seen £5.2m secured for a 25-unit build to rent scheme in Farnborough, comprising a £3.9m senior loan from Octopus, also arranged by Arc & Co., and £1.3m in mezzanine finance from a private funder, arranged by Savills.
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A total of 25 two and three-bedroom maisonettes off Westmead in Farnborough town centre will be refurbished and reconfigured to create high-spec flat shares for rent on a room by room basis. The scheme has an estimated GDV of £6.2m and is predicted to offer a gross rental yield on cost of 12.4 per cent. The development is situated just 0.4 miles from the railway station for a fast 34-minute train to London Waterloo. Jeremy Beck, development director at Inspired Asset Management,
said: “Now that we have funding in place, we hope to start construction imminently.
“These are two contrasting projects with one being for sale and the other for rent, but both will provide high quality, efficiently designed homes in emerging commuter towns, where there are excellent prospects for income and capital growth. Chertsey is an employment hub in its own right while Farnborough offers affordable living just 34 minutes from central London, appealing to young professional buyers and renters.” Keith Aldridge, managing director at Amicus Property Finance,
explained the importance of the scheme to the firm: “We are delighted to have been able to support this project – a relatively complex deal, driven to success by an experienced and proactive developer and broker, plus valuers Kempton Carr Croft and FieldFisher who managed the legalities. Overall, this is a great example of where effective stakeholder collabora- tion worked in partnership with our experienced underwriting team to deliver a great result.” Emma Burke, head of development origination at Octopus, also
commented: “Having received the introduction from Arc & Co, one of our key partners, we were delighted to work together to fund Inspired’s latest development scheme with our new 65 per cent LTGDV low cost senior stretch development product. This is an extremely well-located residential scheme and forms part of an exciting development portfolio. “Inspired has a strong team with a significant track record of delivering
high quality residential developments and we look forward to working on further complex development schemes in the near future.”
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nspired Asset Management has secured development finance for two residential schemes worth a combined £27m. The first secures £15.1m for a 61-apartment scheme in Chertsey through a £12.9m senior loan
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