Inspired Asset Management has secured development finance for Impact House, its £90m GDV, 235-apartment scheme on Croydon’s Edridge Road.
A total of £61.1m was secured through a £44m senior loan from GreenOak, arranged by Arc & Co., with £17.1m in mezzanine finance from a vehicle advised by EG Real Estate Advisors, arranged by Blackbear Capital Partners.
The development will comprise 197 one and two-bedroom micro-apartments and 38 larger one, two and three-bedroom apartments built to the nationally described space standard, including four exclusive duplex penthouses. Residents will also have access to a ninth-floor communal rooftop terrace and a Wi-Fi Ready club lounge on the ground floor. The apartments will be designed to a high specification, including hardwood flooring, granite worktops and designer bathrooms.
Predominantly a permitted development scheme, Inspired received planning permission to convert the upper floors of the former office building to residential in April this year.
Built in the 1960s, Impact House was extended and refurbished in 2010 before being purchased by Inspired for £25m in 2015. With construction commencing this month, the iconic 16-story building is set to undergo a radical transformation that will see it stripped back to the core and reskinned with an all new contemporary residential facade.
Commenting, Martin Skinner, Chief Executive at Inspired Asset Management, said: “We are thrilled to get funding for what will be our largest scheme to date. The team has worked extremely hard to get it over the line and it is probably the first time in six months that I have seen my finance director with a beaming smile. One thing is for sure, this is going to be a special development that is going to make an Impact in Croydon.”
Inspired’s Development Director, Jeremy Beck, added: “This is Inspired’s flagship development and will appeal to buyers who also want to buy into a lifestyle. Impact will incorporate the latest tech, high quality finishes, a residents’ lounge, communal roof terrace and will have a concierge service.”
With prices starting at £304,950 for a one-bedroom micro-apartment, more than 100 apartments have already been reserved.
