Investec, a lending and asset management group, is providing a £30 mln (€35 mln) financing facility to London residential developer Meyer Homes for a project in the southwest of the UK capital.
The two-year facility is for the development of 58 residential units and 836 m2 of retail in Fulham.
Stephen Martin at Investec commented: 'The result of the recent referendum, as well as the punitive Stamp Duty Land Tax surcharge introduced by the last government, has seen temporary falls in investment in prime residential. However, 2017 is likely to see plenty of opportunities for flexible and innovative lenders like ourselves to work alongside ambitious developers such as Meyer Homes to deliver schemes like this one, and take advantage of a reduced supply of this type of product.'
The Fulham High Street plot was acquired by Meyer Homes in 2015 and will deliver a total of 58 units, comprising 48 apartments, of which six will be affordable, as well as 10 townhouses. 90% of the apartments will have a market value below £1 mln, with the townhouses expected to go on sale at £2 mln-plus.
With demolition, ground and contamination works and the installation of a basement car park already completed, construction has commenced, with unit completion targeted for Q2 2018.
The development is served by excellent transport links; both Putney Bridge tube and Putney overground are within a 15 minutes' walk. Residents will benefit from a wide range of local amenities, whilst being a short walk from Bishops Park, a Grade-II listed, 8.9-hectare park.
