Developer W.RE has secured a £55m loan from BentallGreenOak to redevelop the Arding and Hobbs building in Clapham Junction, SE15.
The scheme, which received planning approval in November 2020, will involve redeveloping the building into 110,000 sq ft of commercial space, including two extra office floors. It will also have an 8,000 sq ft roof terrace.
Andrew Haines, chief operating officer of W.RE, said: “Having secured unanimous support for our plans to bring this iconic building back to life, this loan facility enables us to complete the redevelopment, delivering value for investors, occupiers and the wider community.
“The loan will help the building’s potential with a mix of flexible retail and leisure and modern office, all while maintaining the heritage of this fantastic landmark.”
Martin Sheridan, principal of UK debt at BentallGreenOak, said: “We are thrilled to be supporting W.RE in repurposing this iconic property. The business plan reflects our debt investment thesis, which is to finance best in class sponsors who are creating high-quality assets in strong and sustainable locations. This is our first retail reinvention transaction in the UK and we expect to do more in the space.”
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
