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Loan secured for Croydon Office to Resi scheme

Inspired GSP, a joint venture between Inspired Asset Management and Grosvenor Square Properties backed by Gemini, has secured a development loan of £19.1m from Henley Investments for its latest office-to-residential development project, Coombe Cross, Croydon.

The project is situated at 2-4 South End, Croydon, London. As with Inspired Asset Management's other office-to-residential schemes, Coombe Cross will involve stripping out the existing old office block and adding an extension to the roof to create 90 high-spec, modern apartments.

Martin Skinner, CEO, Inspired Asset Management, said: "We are delighted to have secured funding from Henley Investments for our next JV project, in the heart of Croydon, which is fast becoming London's most talked about regeneration area. Coombe Cross will see the continuation of our micro-apartment model providing much needed high-quality homes. Not only does our unique business model allow for affordable living in London, but it also helps create thriving communities, improving the neighbourhoods we operate in."

The extensive refurbishment to the building, previously occupied by Direct Line, will see an impressive new façade, incorporating bronze, rain-screen cladding with new brick slips as well as attractive balconies.

The project is expected to be completed in winter 2017.

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