Investec Real Estate (Investec) has agreed to provide a £23.7 million loan to Blue Coast Capital for the development of 56 residential apartments on the site of the Grade-II listed former Richmond Royal Hospital, south west London.
The facility will fund a full refurbishment of the building, which was originally built as a private residence in 1882 before being converted into the Richmond Royal Hospital in the twentieth century, with the converted South and North wings undergoing a more comprehensive redevelopment. 56 high end private apartments, a mix of one, two and three bedroom units will be provided, alongside a proportion of affordable housing.
Having acquired the site in 2018, full planning consent was achieved and initial groundwork is underway, with the development due to complete in winter 2022. Residents will benefit from the central Richmond location, with excellent transport links via nearby Richmond Overground and underground station, whilst two of London’s most popular outdoor spaces, the Royal Botanical Gardens and Richmond Park, are both within close proximity.
RER, a London focused residential developer, will act as development manager for the project.
Barney Kelham, Managing Director at Blue Coast Capital, commented: “The residential development sector remains a key focus for Blue Coast Capital and we are delighted to be working with RER and Investec on this project. We look forward to delivering 56 exceptional apartments in this prime residential location.”
Joshua Weinstein at Investec commented: “The residential sector, both for sale and rent, has demonstrated its resilience over the past 12 months and is a high conviction sector for us in 2021. It’s great to be starting the new year funding this unique project. We were once again able to demonstrate our ability to provide flexible financing solutions on challenging sites. This is our first loan with Blue Coast Capital and RER, who both have significant expertise in the real estate sector, and we look forward to working with them again in the future.”
Tim Farrow, Managing Director at RER commented: “RER are thrilled to be working with our partner Blue Coast Capital, Investec and the wider team on this fantastic development.”
Joanne Barnett, Co-Founder BBS Capital: “We were pleased to be involved with this exciting and unique development. We were confident that when introducing this to Investec they would deliver a competitive, straight forward development facility, despite the challenging circumstances we find ourselves in.”
Investec was advised by Womble Bond Dickinson, JLL and PBC.