UK: Specialist property lender ASK Partners has provided a 24-month senior loan facility of £18.2 million to support a private client investor in the acquisition of Chiswick Tower, an office block in west London.
The tower sits on a two-acre site next to Gunnersbury Park and close to a tube station. It comprises a basement, ground and 17 upper floors of office accommodation. In its current state, the accommodation is not considered fit for purpose in the present market.
The building was put up for sale on the open market and received multiple bids reflecting its suitability for conversion into a number of alternative uses. ASK’s client acquired the site and plans to obtain permission to convert the building into a 415-bed coliving scheme with an affordable housing scheme on the current car park area.
Elliot Blatt, head of origination at ASK, said: “We were delighted to lend against this site. Our client has a very sound business plan to repurpose this building, adding value to an already desirable development site. We are definitely seeing appetite for coliving increase, as the set-up has gained in popularity amongst graduates and young professionals. The model has also now been bolstered by some very strong success stories in London.”
