The finance will support Westbourne Capital Partners (WCP) though acquisition and planning as it explores a number of options to vary the existing planning permission for 128 residential units.

The development site is located adjacent to Lord’s Cricket Ground (pictured above) and there are a number of options for the land, including a luxury retirement scheme, student housing or working with local hospitals to provide much needed office space or a step-down facility.

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“We are pleased to be acquiring a site which offers huge potential for a number of different land uses and which we are confident of being able to extract considerable value,” said Johnny Sandelson, partner at WCP.  

“The importance of having a bank alongside us that really understands the intricacies of acquisition and planning finance is key on a scheme like this and Investec fits this bill perfectly.”

This is the second WCP scheme Investec has financed after providing a £55m facility for the development of 55 later life residential apartments in Chelsea.

Simon Brooks of Investec Structured Property Finance, said that despite wider market uncertainty, it continued to be proactive in supporting its clients where they saw opportunities.

“By leveraging our long-standing relationships, moving quickly and being innovative, we are able to offer clients both certainty and commerciality.

“The opportunity to collaborate once again with WCP on this transaction complements this approach and we look forward to working with them to take the scheme forward through the planning process next year and delivering London another exciting development.”