Investec provides £8m loan for warehouse-to-residential conversion

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  • 11/06/2020
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Investec provides £8m loan for warehouse-to-residential conversion
Investec has agreed to provide £8m to a joint venture between property developers Urban & Provincial and Avanton to convert a former Carpetright store in London into 262 flats.

 

The loan will refinance an existing debt secured against the 23,600 sq ft store in South Bermondsey.  

The former Carpetright site is close to the new Bakerloo Line extension and South Bermondsey Overground station. It is also adjacent to Ruby Triangle, another regeneration project being developed by Avanton. 

Urban & Provincial and its co-founder Tom Pratt is an established client of Investec and this facility is the third time the two parties have worked together. 

The transaction was completed within a month. 

Investec structured property finance spokesman Daniel Carlisle (pictured) said: “We are pleased to be able to support two leading London developers with this facility to help ensure the successful delivery of this exciting proposal.  

It is always great to work with existing clients, particularly in challenging times, and we have built a strong working relationship with Tom over the last few years. 

Luke Osborne, director of Urban & Provincial, added: “We have worked with Daniel and the team at Investec previously but never during such uncertain conditions.  

The Old Kent Road has substantial appeal and the proposed residential units are truly accessible to the majority of Londoners.

“The units will qualify for the government’s Help to Buy scheme, making the area attractive to firsttime buyers, owner occupiers and investors. The proposed Bakerloo line extension will further enhance this appeal.” 

 

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