Fitzhardinge Street – London W1
Following the banking and financial crisis many property investors and developers were at a loss as to what to do, if anything.
The purchase of commercial property to convert to residential was however becoming more and more fashionable (and profitable) but there was little to no funding available.
At Prime Portfolio we sourced a terrace of five houses, owned by The British Heart Foundation who were relocating, for one of our developer clients.
As well as introducing the developer to the scheme, we were also able to introduce a private equity investor and a leading private bank for funding. This facilitated the purchase of the development to create a scheme. One commercial building was immediately sold by the developer directly and the adjoining unit developed into a sports medical specialist centre. The remaining three properties were re-configured into a single house and six lateral, high quality, luxury flats, four of which have now been sold.
The scheme had a gross development value circa £50m. Having secured the backing of outside investors and corporate finance Prime Portfolio clinched the deal in the face of stiff competition.