Developer CNM Estates has been granted planning permission for the refurbishment and development of Tolworth Tower in the London borough of Kingston Upon Thames.
Developer CNM Estates has been granted planning permission for the refurbishment and development of Tolworth Tower in the London borough of Kingston Upon Thames.
The £300 mln (€393 mln) project will transform the existing, largely vacant, office tower block and its surrounding complex, creating a total of 308 new homes as part of a mixed-use redevelopment, in addition to 78 apartments.
The 22-storey Tolworth Tower, designed by Richard Seifert and originally constructed in 1964, was bought by CNM Estates in October last year. On completion of the project, it will also include 4,920 m2 of upgraded office space and 1,000 m2 of retail accommodation. The existing Marks & Spencer Food Hall and Travelodge hotel on site will be retained and upgraded.
Funds advised by Venn Partners have provided a total of £42 mln in senior acquisition and capital expenditure funding to finance the first phase of development. Venn was joined by Aprirose Real Estate Investment who has provided the mezzanine finance facility for the acquisition.
