With the help of a £48m bridging loan from Omni Capital, Hadley Property Group has finalised the purchase of a prime development site in the exclusive Chelsea Harbour area of West London.

The site has full planning permission for a luxury residential led, mixed use development, including 89 residential apartments and over 11,000 sq ft of mixed retail space.

Colin Sanders, CEO 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 multi-million 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 had exchanged contracts on the 1.16 acre freehold site known as Chelsea Island, adjacent to the Chelsea Design Centre in April 2014.

Andrew Williams, CEO of LJ Group which back Hadley Property 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."

Work is expected to start on-site in late 2014.