UK developer Groveworld has acquired a mixed-use development site in King’s Cross, London with over £50 mln financing from lenders OakNorth and ASK Partners.
The deal volume was not disclosed.
The property at 330 Grays Inn Road - home to the former Royal National Throat, Nose and Ear Hospital - will be subject to a major overhaul. Groveworld is seeking to obtain planning permission for a mixed-use scheme of more than 300,000 ft2 which should also deliver affordable housing.
'This opportunistic acquisition is in line with our strategy of acquiring well-located Central London sites with major development potential,' said Ross Jacobson, senior development manager at Groveworld.
'Our long-term ambition for the project is to deliver a high-quality mixed-use scheme, regenerating what will be a redundant site. Our 25 years of experience at Groveworld across planning, development and construction means we are ideally placed to deliver what we expect to be a landmark development for the area and we look forward to working with London Borough of Camden and the GLA to realise that vision.'
'We have completed several successful projects with OakNorth in the past, but this is the largest transaction we’ve worked on together, so we’re delighted to be supporting such an established and renowned developer,' said Daniel Austin, co-founder and CEO of ASK Partners.
'We’re excited to be rounding off the year not only with our largest transaction to date, but also with one of the most reputable developers in the UK,' concluded Ben Barbanel, head of debt finance director at OakNorth.
