UTB is providing a senior facility of £9.125m — representing 75% of the acquisition and refurbishment costs.

Iron Bridge is injecting an additional £1m of mezzanine finance, while the balance of funds required will come from the JV partners. 

The developers plan to rejuvenate the villas — which were converted into 19 flats decades ago —and create 16 new luxury apartments suited to modern day living and discerning buyers.

Despite the scheme reducing the number of individual dwellings, the improved access and layouts together with a high-specification refurb will increase the value of the project from £8.5m to a GDV of over £15m.

The apartments are expected to take 15 months to complete — sale prices will range from £600,000 for one-bedroom apartments to over £2m for the large, five-bedroom garden flats.

Tom Wheaton, managing director at Prospect Property, commented: “We are excited to be developing unique homes in this prime residential area and returning this building to its former glory.

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“We would like to thank UTB and Iron Bridge for all their help throughout the project; their advice and support has been indispensable.”

Edward Weekes, manager of property development at UTB, added: “We are delighted to be supporting this attractive redevelopment and working once again with Iron Bridge to provide Tom and his business partners with the funding they require.

“UTB enjoys working with developers and housebuilders that understand their markets and possess the skills and expertise to deliver successful projects.

“Tom and the team have a strong and demonstrable track record of transforming historic properties across London and creating unique and desirable homes.

“I look forward to UTB supporting many more of these unusual redevelopments in the future.” 

Edward Alexson, COO at Iron Bridge Finance, added: “This was a fantastic deal in an area the team know well as it is located only a few minutes from Iron Bridge Finance’s offices.

"We are proud to work alongside our long term partners, UTB, particularly in our local area.

"This transaction is a demonstration of the unrivalled proposition we can offer with our senior lending partners to continue to support strong and professional developers such as Tom to grow.”