Transactions

Between 2022 and 2024, ASK provided a series of senior loans to assist with a land assembly and planning strategy, totalling £17.3m, to a joint venture between VFund and Hurlington Capital. The loan was ultimately secured against an assembled 0.8-acre freehold site in Acton, West London, benefitting from planning permission for a large-scale, mixed-use redevelopment.

Loan secured against two central London Grade II* listed freehold office buildings in Bloomsbury, London. ASK’s client acquired the properties and intends to obtain planning permission to redevelop the assets into two single residential dwellings

Loan secured against a two-acre potential development site in Streatham, South West London, currently comprising a two-storey Homebase store and associated parking. The property is let to Homebase on a lease expiring in November 2023. ASK’s client intends to obtain planning permission for a residential-led mixed-use scheme of approximately 250 units alongside new commercial and retail space. Site is income producing for the duration of the loan term and is considered to offer significant development and value uplift potential

Loan secured against a 4.3-acre freehold business park in Bracknell, comprising c.68,500 sq ft (NIA) of office space with significant residential redevelopment potential. The office space is 32% vacant and income will be managed to achieve vacant possession in line with granting of planning permission.

ASK’s client intends to obtain planning permission for a mixed-use scheme comprising c.500 residential units alongside c.15,000 sq ft of commercial space.

The site benefits from excellent connectivity being linked to the train station via a footbridge and will serve as a “marker building” for the train station moving forward. Bracknell is also undergoing significant regeneration being driven by the Bracknell Regeneration Partnership, a joint venture between Legal & General and Schroders

Loan secured against a prime West End office building in Covent Garden measuring 20,000 sq ft. ASK’s facility was provided in conjunction with an institutional high street bank as part of a wider £24.5m debt facility to assist with the site acquisition and repositioning of the asset to a boutique hotel. The client is a well-known hotel operator and achieved planning permission during the term for a change of use from offices to a c.130-bed hotel

Loan secured against a 2.1-acre site in Radlett comprising 41,000 sq ft (GIA) of office and warehouse/storage accommodation and 123 on-site car parking spaces. The site is fully-let and produces £0.58m p.a., on a lease expiring in December 2021. The property is considered to be a highly reversionary asset with significant asset management and redevelopment potential. ASK’s client intends to re-gear the existing lease, or alternatively obtain planning permission for a mixed-use office and residential scheme. The senior loan facility was provided by a high street bank

Loan secured and cross-collateralised against two sites, the first of which is in Chippenham and was acquired unconditionally by ASK’s client in 2017. The client subsequently obtained planning permission for a 140-unit retirement living scheme on the site. The second site is in Chertsey and was introduced to the client in March 2019, and ASK’s loan provided support for this purchase. The site measures 4.6 acres and has outline planning permission for a 116-unit retirement living scheme, and forms part of a wider Masterplan site where CALA Homes will be delivering 212 residential units. Detailed planning will be granted on satisfaction of all reserved matters