Atelier completes its largest loan to date for Surrey residential scheme

Atelier has agreed to finance a £34.5m GDV apartment scheme in Chertsey, Surrey, with a £26m stretched senior loan — its largest one to date.

The 18-month term facility will allow Sheen Lane Developments to transform an existing three-storey office block at Syward Place into a five-storey residential scheme.

Once completed, the 66,200 sq ft development will comprise three studios and 124 one-, two-, and three-bedroom flats.

In addition to the consented scheme, there is further potential to deliver a mix of apartments and townhouses across an area of the site, which currently accommodates 240 parking bays.

Sheen Lane Developments will commence building works in autumn, with all the homes expected to be marketed in 2024.

Martin Gilsenan, chief originations officer at Atelier, said: “We immediately saw the potential of this location and shared the developer’s vision for its transformation.

“Sheen Lane has unrivalled experience at office-to-residential conversions and is known for high-quality specification and design, and we were delighted to help them secure this acquisition.

“This is our biggest loan to date and underscores our commitment to supporting developers with fast lending decisions and financing solutions tailored specifically to each individual borrower’s needs.”

Martin Tynan, director at Sheen Lane Developments, added: “Atelier is one of the most agile lenders in the UK development space, and we were able to complete the finance agreement in 13 days, where timing was a critical aspect of this negotiation.

“This is a prime location with excellent transport links to London and we look forward to delivering much-needed homes for people in the community."

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