From Property Week | By Richard Hook | Wed 6 December 2017
Investec has announced plans to ‘go into bat’ with Westbourne Capital Partners (WCP) by providing a £46m financing facility to allow the acquisition of a two-acre site adjacent to Lord’s Cricket Ground in north London.
The finance package will support WCP through acquisition and planning on the site in St John’s Wood with Westbourne looking to vary the existing planning permission for 128 residential units. WCP is considering using the two-acre site on the border of Regent’s Park for a luxury retirement scheme, delivery of student housing, or working in partnership with the nearby Wellington Hospital Platinum Care Unit to provide office space and a step-down facility which allows patients to leave hospital but still receive full time medical care.
Johnny Sandelson, partner at WCP, added: “We are pleased to be acquiring a site which offers huge potential for a number of different land uses and which we are confident of being able to extract considerable value. The importance of having a bank alongside us that really understands the intricacies of acquisition and planning finance is key on a scheme like this and Investec fits this bill perfectly.”
This is the second WCP scheme that Investec has financed, having earlier this year provided a £55m facility for the development of 55 later life residential apartments and in excess of 30,000 sq ft of state of the art amenity space in Chelsea.