Transaction type: Mezzanine loan – asset repositioning
Loan amount: £2.0m
Term: 2 years
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.