Omni completes £48m bridge
The multi-million pound 12 month loan funded the acquisition of a 1.16 acre freehold site known as Chelsea Island, adjacent to the Chelsea Design Centre.
The site, which was purchased by Hadley Property Group in April, has full planning permission for a luxury residential led, mixed use development, including 89 residential apartments and over 11,000 square feet of mixed retail space.
Colin Sanders, chief executive officer of Omni Capital, said: “This was a rare opportunity to acquire a prime development site in the heart of Chelsea.
“Not all lenders would have been able to provide multimillion funding, at such a high loan to value, for an undeveloped site.
“We are pleased to have contributed to what will be a new waterside icon for Chelsea.”
Hadley Property Group is backed by privately owned multi-family office the LJ Group and private family company Peterson Group, the developer for the scheme.
The loan is the latest in a series of high profile deals from Omni Capital’s structured finance division, which launched earlier this year, offers residential and commercial loans up to £250m.
Andrew Williams, chief executive officer of LJ Group, said: “We are delighted to have completed our first transaction with Omni.
“We are very much looking forward to developing out this site which we believe has huge potential and will be well received in the market.”
Chelsea Harbour already has a number of high quality developments, including Imperial Wharf, Chelsea Creek and formerly Lots Road Power Station.
Omni Capital previously completed a £27.4m construction facility at 100% loan to value for The Ageas Bowl – home to Hampshire Cricket Club, while it completed a record £127.5m loan earlier this year for 1 Palace Street; a prime residential scheme next to Buckingham Palace.