The Grade II listed property was originally constructed between 1939-1942 as electricity showrooms and offices. The property is arranged over four stories and has been vacant since 2013 having been occupied by the Home Office Border Agency previously.
Our client was able to secure a pre let to South Bank University, requiring a change of use from B1 offices to D1 non residential institution. The property needed to be significantly refurbished to a Cat A and Cat B standard to provide modern accommodation for the University.
In Q3 2020 despite Covid-19 Ciel were able to secure development finance to enable to project to move forwards. The remit involved assisting on the valuation, project monitoring report and negotiating the loan documentation. Ciel will be involved until the project completes, managing the monthly loan drawdowns.
Please contact one of our team if you have a similar project that needs financing.