The 12-month, multi-million pound loan was funded a 1.16 acre freehold site known as Chelsea Island, adjacent to the Chelsea Design Centre.
Hadley Property Group exchanged contracts in April 2014 and has now completed on the purchase of the site which has full planning permission for a luxury residential led, mixed use development, including 89 residential apartments and over 11,000 sq ft of mixed retail space.
Hadley Property Group, backed by privately-owned multi-family office the LJ Group and private family company Peterson Group, is the developer for the scheme with work expected to start on-site in late 2014.
This is the latest in a series of deals from Omni Capital’s Structured Finance division which launched earlier this year offering residential and commercial loans of up to £250m.
Colin Sanders, CEO of Omni Capital, (pictured) said: “This was a rare opportunity to acquire a prime development site in the heart of Chelsea. Not all lenders would have been able to provide multi-million funding, at such a high loan-to-value, for an undeveloped site. We are pleased to have contributed to what will be a new waterside icon for Chelsea.”
Andrew Williams, CEO of LJ Group “We are delighted to have completed our first transaction with Omni. We are very much looking forward to developing out this site which we believe has huge potential and will be well received in the market.”
Chelsea Harbour is undergoing several high quality developments including Imperial Wharf, Chelsea Creek and the former Lots Road Power Station.
Omni Capital, backed by Christian Candy’s CPC Group, completed a £27.4m construction facility at 100% loan-to-value for The Ageas Bowl – home to Hampshire Cricket Club and international Test cricket – to fund a major redevelopment of the site. It also completed on a record £127.5m development funding loan earlier this year for 1 Palace Street; a prime residential scheme next to Buckingham Palace.