Investec Structured Property Finance will provide a £6mn loan to conversion-to-residential fund, managed by Aberdeen Standard Investments to offices into homes.
This is to support the acquisition of an existing small office campus in Henley-on-Thames with permission to convert into 35 residential units.
The 4.2 acre site, comprising six detached office buildings and 149 parking spaces, is currently occupied by a single office tenant. The buildings, set in a semi-rural location, lend themselves to conversion with flexible floor plates and few columns.
Planning permission has already been granted for 35 new homes, comprising 15 one-bed units, 13 two-bed units and seven three-bed units.
The south Oxfordshire property is situated on the edge of the world-famous and popular riverside town of Henley-on-Thames and is eight miles north of Reading, 25 miles south-east of Oxford and 35 miles west of central London.
This is Investec’s first deal with Aberdeen Standard Investments, following the merger of Standard Life plc and Aberdeen Asset Management.