Gunnersbury Park PD resi gets £55m boost

Paradigm Land has secured a £55m loan for its Gunnersbury Park development in Brentford, W3. The finance from OakNorth will give the developer time to complete sales and lettings at the 288-home development from its residential arm, Apt Living. The scheme was the first for the resi business and saw the conversion of the 100,000 sq ft former Worley Parsons office, which was previously home to the British Oxygen Company. It is a short distance from Kew Bridge train scheme, close to EcoWorld’s Verdo development, and sits between the M4 and the 180-acre Gunnersbury Park. Paradigm Land secured consent under permitted development rights, allowing it to provide microhomes under the minimum size standard. The scheme includes 73 micro-homes, with the smallest at 33 sq m. The developer has already sold a large number of homes at the site. However, it has faced challenges during the pandemic. OakNorth’s facility, held against 218 flats, will give it breathing space to continue sales and lettings. The development also comprises 18,500 sq ft of office space. Paradigm Land’s managing director, Josh Garside, said: “The area surrounding Parkview is in the midst of a multi-million-pound regeneration project, which will see a major supermarket, fashion boutiques, a cinema and arts centre added to the local high street, as well as improvements made to the Brentford Community Stadium, home to newly-promoted Brentford FC.” However, he added: “Bringing the scheme forward in the current environment has not been without its challenges.” To capitalise on the increasing attraction of the area for renters and buyers, Garside said: “We need a funding partner with knowledge of the London property market and a willingness to be flexible while we let the remaining units.” To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image © Paradigm Land