Croydon scheme

Inspired secures £61.1m for 235-apartment Croydon scheme

Inspired Asset Management has secured development finance for a 235-apartment scheme with a GDV of £90m on Croydon’s Edridge Road.

A total of £61.1m was secured through a senior loan of £44m from GreenOak arranged by Arc & Co, with £17.1m in mezzanine finance secured from a vehicle advised by EG Real Estate Advisors, which was arranged by Blackbear Capital Partners.

Impact House will consist of 197 one- and two-bedroom micro-apartments and 38 larger one-, two- and three-bedroom apartments constructed to the nationally described space standard, including four exclusive duplex penthouses.

Inspired received planning permission to convert the upper floors of the former office building to residential in April this year.

Martin Skinner, chief executive at Inspired Asset Management, said: “We are thrilled to get funding for what will be our largest scheme to date.

“The team has worked extremely hard to get it over the line and it is probably the first time in six months that I have seen my finance director with a beaming smile.

“One thing is for sure, this is going to be a special development that is going to make an impact in Croydon.”

Built in the 1960s, Impact House was extended and refurbished in 2010 before Inspired purchased it for £25m in 2015.

Construction is set to start later this month, with the iconic 16-storey building set to undergo a radical transformation.

Jeremy Beck, development director at Inspired, added: “This is Inspired’s flagship development and will appeal to buyers who also want to buy into a lifestyle.

“Impact will incorporate the latest tech, high-quality finishes, a residents’ lounge, communal roof terrace and will have a concierge service.”

Prices start at £304,950 for a one-bedroom, micro-apartment, with more than 100 apartments already reserved.

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