Investec has agreed a £23.7m senior development facility for the conversion of the Grade II listed Richmond Royal Hospital into 56 flats.
Investor Blue Coast Capital and development manager RER London will refurbish the heritage building, which was originally built in 1882.
The deal is the first between Blue Coast Capital and Investec.
The investor acquired the former hospital in 2018 and has secured planning consent and conducted initial groundwork. The development will comprise a mix of luxury flats for sale and affordable housing. Completion is targeted for 2022.
Joshua Weinstein, structured property finance originator at Investec, said: “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.”
Investec was advised by JLL.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
