Specialist property lender, ASK Partners (ASK) has provided a 24-month senior loan facility of £18.2 mln (€21 mln) to support a private client investor in the acquisition of Chiswick Tower, an office block situated in the affluent West London area of Chiswick next to Gunnersbury Park and tube station.
The tower sits on a two-acre site and 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 where tenant demand for high quality office space is soaring.
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 co-living 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 co-living 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.'
