Urban Exposure Plc has provided a loan worth £44.7m to BSR Wembley Ltd to build 68 one-bed flats and 159 studio flats. The loan, which completed in April, formed part of the £97.5 million of new loans Urban Exposure completed up to 9 September 2019, as detailed in its Interim Results announcement dated 10 September 2019.
BSR Wembley Ltd is a holding company 20% owned by Sheen Lane Developments Ltd, an experienced property developer and the main contractor, 40% owned by BSR Engineering and Development Ltd, an engineering group specialising in the management of large real estate projects, and 40% owned by Urbanica Dwellings Ltd, a construction and real estate management company.
The 22-month £44.7 million senior acquisition and development facility will be used to help fund the acquisition and conversion of an office building into a 227-unit residential development in the Wembley area of London. The property currently comprises a vacant office building in the early stages of development.
The development has already received planning approval and has a forecast Gross Development Value (GDV) of £72.8m.
The site is centrally located in Wembley, 9 miles north west of Central London and part of the London Borough of Brent. The property is located on Olympic Way, a pedestrian street which runs north to south between Wembley Park Drive and Wembley Stadium, located a short walk from Wembley Park London Underground station, which provides frequent Jubilee Line and Metropolitan Line services to major employment centres such as the West End of London (20 minutes), the City (30 minutes) and Canary Wharf (35 minutes).
Commenting, Randeesh Sandhu, CEO of Urban Exposure, said:
“Wembley Park has been undergoing significant regeneration since Wembley Stadium was redeveloped, and we are excited to be funding an ambitious project at the heart of the area.
Recent improvements have included the refurbishment of Wembley Arena, a new 4-star Hilton hotel and the opening of the London Designer Outlet shopping centre. The area is at the centre of planning policies in the Wembley Area Action Plan, and is swiftly evolving into a thriving region, close to the centre of London.
We are also pleased to be working with several accomplished partners, which develop and manage high-quality projects throughout the UK and abroad.”
Commenting, Martin Tynan, at Sheen Lane Developments, added:
“This is an exceptional opportunity to meet a rising demand in the region, as it is upgraded by significant investment initiatives. The project represents a significant opportunity to take part in a growing area, and offer renters and buyers a high-quality residence, with easy access to London city centre.”