Specialists in asset regeneration FRT Developments has secured enhanced planning consent for the conversion and extension of the former office building into 51 apartments over four floors, as well as a new two-storey extension.
The development is located on St John’s Road close to the Royal Botanical Gardens and Isleworth train station.
James Nunn, fund manager at Octopus Property, said: “As our second commercial fund builds on the success of its predecessor, we are delighted that our exposure to fast-growing, dynamic borrowers – such as FRT – continues to grow apace.
- Octopus Property lends over £20m for Brighton scheme
- Octopus provides £6m facility for west London development
- Octopus provides £5.26m facility for south London development
“We relish the opportunity to support borrowers with exciting portfolios of value-add assets and are aware that more traditional lenders are continually unwilling or unable to provide the fast and flexible funding solutions required to get schemes of this nature off the ground.”
The company will use Octopus Property’s lifecycle lending proposition, which will roll the short-term finance into a development facility once project value engineering has been completed.
Tom Mees, director at FRT Developments, added: "FRT Developments is delighted to have completed this first loan facility with Octopus Property.
“They’ve understood our requirements from the outset and structured a flexible multi-phased facility to support this scheme.
“Nomadic House – which has recently been granted planning permission for 51 flats – will be the third and largest scheme that we’ve undertaken in Isleworth, following the successful completion of Capital House and Prospect House.”