Silbury Finance has provided Kingsbridge Capital, a specialist residential developer, with a £24.7 million senior loan.
The 20-month facility, at 88% loan to cost, will support the site acquisition and conversion of an existing office block in Bracknell, Berkshire, into 150 “highly sustainable” residential apartments.
Known as 100 The Ring, the redeveloped property will comprise a mix of studios and one-bedroom apartments for sale, ranging from 415 sq ft to 757 sq ft, over seven floors. The existing frame and façade will be retained with the interior of the building stripped out and subdivided. Residents will have access to 133 bicycle and 150 parking spaces in the basement, in addition to a number of EV charging points. The first homes will be finished in H2 2024.
Since launching in January 2021, Silbury has originated 16 loans totalling £579 million of new finance across the retirement living and build to sell sectors, to 12 different borrowers, with a Gross Asset Value of over £887 million.
Jamie Rahder (pictured), investment director at Silbury Finance, said: “With the delivery of new housing in the UK forecast to reach the lowest levels since the second world, supporting SME developers like Kingsbridge Capital, who have the expertise and vision to deliver schemes like 100 The Ring, is more critical than ever. This scheme should serve as a blueprint in using Permitted Development to transform obsolete office stock into much needed, well-connected high-quality homes, a far more sustainable method versus ground up development.”
Niten Handa, managing director of Kingsbridge Capital, added: “Occupying a highly desirable edge-of-town-centre site, we look forward to bringing forward our latest residential development, which will complement the town’s extensive retail and leisure offering. Against the volatile economic backdrop, Silbury’s funding expertise in the Living sector, evident since the start of the relationship, has been especially invaluable.”