Inspired Asset Management, the parent company of Inspired Homes, has completed the purchase of 177 Abbeville Road in Clapham, south west London.
The purchase was completed with the acquisition and redevelopment being funded through a senior loan from GreenOak Real Estate and mezzanine finance from Northridge Capital.
Clapham has seen price rises of 36% over the last five years, according to Zoopla, leaving many first-time buyers priced out of this popular south London destination. The 41-unit £20m GDV scheme, comprising 30 one-bedroom and 11 two-bedroom micro-apartments, will be priced around 20% below typical new-builds in the area.
With Prior Approval Permitted Development consent received earlier this week, the redevelopment will convert a 1930s office building, comprising 19,000 sq ft, which is located on Abbeville Road, just a few minutes’ walk from Clapham Common tube and the bars, restaurants and shops of Clapham High Street. A further planning application will be submitted in due course for additional new build homes on the site.
Working with architects Child Graddon Lewis, Inspired Homes will restore and improve the existing building, which will benefit from new windows, a new entry lobby and communal gardens. The finished development will be much more efficiently designed, for example, using sprinklers to remove the need for wasted hallway spaces.
Inspired’s award-winning specification will be upgraded to reflect the prime south west London location. The apartments will benefit from hardwood flooring throughout, designer kitchens with stone worktops, bathrooms with porcelain floor and wall tiles, home automation including heating and lighting control, communal heating systems and superfast 1 Gb broadband by Hyperoptic.
London Help to Buy will be available on all apartments six months prior to practical completion. Work on site is expected to commence next month.
Martin Skinner, CEO of Inspired Asset Management and Inspired Homes, said: “Clapham Common, and Abbeville Road in particular, is one of the most sought-after locations for London’s young professionals and city workers. This is Inspired Homes’ first micro-apartment scheme in a central London location, providing high spec, high tech homes that are considerably more affordable because they are smaller.
“This is an exciting opportunity for buyers to purchase a new home close to Clapham Common and the trendy bars, cafes and shops on Clapham High Street, at relatively affordable prices.”