A partnership between Native Land, Grosvenor, Hotel Properties Limited (HPL) and Amcorp Properties Berhad has secured financing for its prime residential development at Campden Hill, London W8, and nearby affordable housing, through the provision of a £200 million debt facility with two Singaporean Banks; DBS Bank and OCBC Bank.
The partnership recently received vacant possession of the former Holland Park School and the development, designed by John McAslan & Partners, is due to start on site in Spring 2014. Native Land is development manager for the project on behalf of its partners; Grosvenor, HPL and Amcorp. In addition to its equity participation, HPL was instrumental in securing the development finance from the two Singaporean banks.
The debt facility will enable Native Land, on behalf of the partnership, to develop 72 private apartments set amongst extensive, private landscaped gardens adjacent to Holland Park, all benefiting from large terraces or balconies. As part of the scheme, 97 units of mixed-tenure affordable housing will also be developed on three sites across the Royal Borough of Kensington and Chelsea.
Alasdair Nicholls, Chief Executive of Native Land, said:
“The Campden Hill financing is a further success for our strategy to deliver both prime residential developments and high quality affordable housing across Central London, in partnership with major international investors. We are extremely pleased that HPL’s long term relationship with both banks coupled with Native Land’s established track record has enabled the partnership to secure significant development finance for the project.”