Inspired Asset Management has secured £61.1 million in development finance for its biggest scheme to date, in Croydon, south London.
GreenOak provided a £44 million senior loan for the redevelopment of Impact House on Edridge Road into a 235-flat scheme with a gross development value of £90 million. In addition, a vehicle advised by EG Real Estate Advisors provided a £17.1 million mezzanine loan. The financing has allowed Inspired to start work on the scheme, which consists of 197 one- and two-bedroom micro-flats, 38 larger one-, two- and three-bedroom flats and four duplex penthouses. The development will also have a communal rooftop terrace and a wifi-enabled club lounge on the ground floor.
“We are thrilled to get funding for what will be our largest scheme to date,” said Inspired Chief Executive Martin Skinner. “The team has worked extremely hard to get it over the line and it is probably the first time in six months that I have seen my Finance Director with a beaming smile.”
Impact House, which was acquired as a largely vacant office building for £25 million last year from the Tricos Group of companies, will be stripped back to its core and given a new façade. It will be redeveloped largely under permitted development rights, although Inspired secured planning permission to convert the upper floors in April.