FRT Developments has obtained a £10.7m development loan from Octopus Property to deliver 51 homes in Isleworth, West London.
Planning consent has been obtained to convert the former office building, located on St John’s Road, into 42 one, two and three bed apartments plus nine affordable units, arranged over four floors.

Richard Rawlings, at FRT Developments, added: “We are delighted to have secured lending from Octopus Property, whose practical and flexible approach has enabled us to enhance the planning permission, increasing the size of the scheme from 28 to 51 residential units.”

The building is a short walk from Isleworth train station, as well as being adjacent to one of West London’s largest parks; the Royal Botanical Gardens.

The lender provided a 27 month loan, secured at 66% Loan to Gross Development Value. FRT had previously been on a £3.27m commercial bridging loan, which had been arranged in January 2018 for the acquisition of the site.

Gavin Eustace, Head of Residential Development at Octopus Property, said: “This is a great example of how different parts of the team are able to work together to seamlessly provide borrowers with bespoke financing at different stages of the real estate lifecycle.

“With favourable macro conditions including low interest rates, supportive government initiatives such as Help to Buy and a significant shortage of good quality, affordably priced homes in the South East, this is exactly the type of liquid scheme that we expect to be financing more and more through the rest of 2018. Our development team has delivered a period of record growth in the last 12 months, and whilst more traditional forms of financing remain unavailable, we are well-placed to build on this success.”
The scheme is expected to be completed
in H2 2019