The £25m GDV scheme will be arranged over six floors and will offer a range of amenities, including a central courtyard with an internal garden terrace on the first floor and 360-degree panoramic views on the upper levels of the building.
Each floor will also benefit from allocated amenity space, such as a gym, cinema, breakout areas and communal space, with electric charging car points and cycle storage included.
The multi-million-pound development loan was agreed on a 15-month term.
Sheen Lane was advised by Savills, Brecher and Naismiths.
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Emma Burke, deal origination at Maslow Capital, said: “Sheen Lane has extensive experience in the area of office-to-residential conversion, and we are confident its expertise will bring the unique characteristics of the building back to life.”
Anthony Raud, associate at Maslow Capital, added: “Our support of Sheen Lane, which closely follows a £14.2m deal completion in Hammersmith, shows our ongoing support of SME developers.
“We are committed to supporting and delivering for customers, no matter the size of the project or debt quantum.”
Andrew Cooper, director at Sheen Lane, commented: “We are delighted to have completed the acquisition of Capella Court in Purley.
“Known locally as the ‘VW Building’, we look forward to redeveloping this landmark property into 64 well-sized apartments of the highest quality and interior design.
“Purley is a very desirable commuter town and the proximity to the station and the high street will make this a very attractive prospect for first-time buyers and investors.”