With its growing recognition as one of the most modern and exciting places in London, we are delighted to have closed a £14m residential and commercial development within Nine Elms.
The Vauxhall Nine Elms Battersea Opportunity Area (BNEB) is the largest regeneration area in Central London, with Nine Elms being transformed from former industrial brownfield sites into a fully integrated community designed to suit the 21st century living and working requirements. Properties within the Opportunity Area have seen an increase of 32.4% on the overall average price, a significant difference compared with other popular areas in South West London.
The loan will finance the demolition of the existing low grade, low density retail space and construction of a modern high density mixed-use development, comprising of two blocks of two to seven storeys, that integrates itself into the landscape. The six commercial units will occupy the full ground floor and part of the first and second; and unlike other schemes, the design takes the established community into consideration activating the street with retail, food and beverage options and a nursery.
The 22 residential units ranging from one to three-bedrooms, will appeal to a range of buyers including young professionals, first-time buyers and young families. They will be fitted to a very high specification in line with the Borrower’s previous developments, and unlike comparable schemes in this area, all proposed units will have private outdoor space in the form of a balcony plus access to two communal rooftop terraces.
Although this will be our first loan with the borrower, they have over twenty years of both construction and property portfolio experience in the UK and Europe. We look forward to continuing to work with them on further developments in the future.
Vin Vijaya, Lending Director at Zorin said: “This is one of many strategic developments to be undertaken by the sponsor and their delivery team as they focus on providing exceptional properties to Londoners looking to either purchase or rent”.