Omni Capital’s structured finance division has completed a £48 million bridging loan to fund the acquisition of a prime development site in the Chelsea Harbour area of West London.
The 12 month, multi-million pound loan was for the acquisition of a 1.16 acre freehold site known as Chelsea Island, adjacent to the Chelsea Design Centre.
Hadley Property Group exchanged contracts in April 2014 and has now completed on the purchase of the site which has full planning permission for a residential led, mixed use development, including 89 residential apartments and over 11,000 sq ft of mixed retail space. Work is expected to start on-site in late 2014.
The structured finance division launched earlier this year and offers residential and commercial loans of up to £250 million.
Colin Sanders, CEO of Omni Capital, said: “This was a rare opportunity to acquire a prime development site in the heart of Chelsea. Not all lenders would have been able to provide multi- million funding, at such a high loan-to-value, for an undeveloped site.
“We are pleased to have contributed to what will be a new waterside icon for Chelsea.”
Andrew Williams, CEO of LJ Group, added: “We are delighted to have completed our first transaction with Omni. We are very much looking forward to developing out this site which we believe has huge potential and will be well received in the market.”
