This article was originally published by Property Week on Monday 26th July 2021.
Old House Group has secured a £6.4m loan from CapitalRise to fund a luxury residential conversion in Belgravia, London, Property Week can reveal.
The bridging loan will fund the acquisition of a grade II-listed townhouse on Wilton Place near Hyde Park Corner.
The developer has planning consent to convert the existing lower ground and ground-floor dental surgery to residential use and to renovate and refurbish the building into a single home with five bedrooms, a gym and a study.
Old House Group is seeking revised planning approval to include an atrium and to increase the basement area.
Old House Group founder and director Nasser Alanizy said: “Working with CapitalRise on our latest acquisition at Wilton Place was a pleasure. For our prime Belgravia property, we needed a lender who had the understanding of, and expertise in, the prime property market – and a lender willing to work with us to create a bespoke solution that met our particular funding needs.”
CapitalRise lending director Lyndon Miles said: “CapitalRise’s loan is assisting to fund the acquisition of the freehold of the property, which is unusual in this location. The borrower has planning approval to improve the property and increase its value by over 60%, according to the valuation report by Savills. It will seek enhanced planning approval to further increase value during the term of CapitalRise’s loan.”