Old House Group gets a loan from CapitalRise for a residential transformation in Belgravia
Old House Group developer has secured a £6.4m loan as it plans to redevelop a townhouse in Belgravia into a luxury residential property.
The group will use the bridging loan to acquire a grade II-listed townhouse near Hyde Park Corner subway station in London. Old House Group has planning consent to redevelop the property in Wilton Place building into a luxury 5-bedroom single new home with sports and study spaces. The existing dental on the lower ground and ground floor is to be converted into residential use as well. The developer also awaits approval to include an atrium and increase the area of the basement.
Nasser Alanizy of Old House Group says that they were pleased to work with CapitalRise on their latest deal in Belgravia. Their top-notch project needed a lender with a professional approach and profound understanding of the prime property market to offer bespoke solutions that can meet their needs.
Lyndon Miles of CapitalRise says that their loan supports the freehold acquisition of the property, and it is uncommon in this location. According to Savills, the developer is to increase the value of the property by over 60 per cent as they have planning approval to redevelop and renovate the property. Moreover, the group seeks enhanced planning consent to boost the value of the building even further within the term of the loan.
The Central London property market has successfully endured through the challenging past year. Recent figures show that this market has shown growth of half per cent in spring 2021, which means the largest quarterly increase since August 2015. Adding to this the easing of the pandemic and a return of international buyers, there is strong evidence that prices in prime Central London areas will be increasing in the following months and years.