The transaction
In May 2021, ASK provided a development facility of £23.6m (in conjunction with OakNorth Bank) to experienced developer Benjamin Goldkorn. The loan was secured against a c.10,000 sq ft, prime freehold residential property in St John’s Wood, London.
The borrower’s plan was to redevelop the two properties into seven apartments and two duplexes, totalling c.18,000 sq ft whilst retaining its original grand Georgian villa façade. The properties were developed to a prime specification; access to the apartments is via a communal core at lower basement level which includes 9 car parking spaces, accessible by a car lift. Other features include a gym, cycle store, concierge services and media/storage rooms (available as an optional add-on).
The properties are situated on Hamilton Terrace, a prestigious residential street in St John’s Wood, an exceptionally well-regarded, residential area of North West London famous for Lord’s cricket ground. It has a high-street with local shops, restaurants and bars and is well-served by the Jubilee line at St John’s Wood and the Bakerloo line at Maida Vale. Surrounding properties on this wide, tree-lined road are typically detached or semi-detached grand villas, set back from the road and the development planned to retain its original grand Georgian villa façade. The units were designed to be large lateral living spaces; practical downsizing opportunities for those living in large villas and wanted to stay in the area. Pre-sales had already been agreed on three of the units, demonstrating demand for the proposed product.
“This is an exceptionally well-located and impressive scheme that we were very pleased to help fund. ASK has worked with the borrower before on another successful central London project. As expected there was significant interest in this development given its prime location and the well-planned design and finish of the scheme; all the units have now been sold and the loan has been redeemed.”
“Working with ASK was a collaborative endeavour. Their lending expertise, which they were happy to share, was very applicable to the commercial aspects of the development process. They were a partner on our journey.”
