Fladgate has acted for the Rooms & Studios Group (the Group) in connection with all legal aspects pertaining to a development loan to fund two PRS development schemes: one in Crawley, Sussex and one in Sudbury, West London. The Group’s development arm has secured two senior debt facilities totalling just under £61m from Investec Structured Property Finance to assist with the redevelopment of both schemes totalling around 400 units.
The Sudbury scheme comprises the conversion of a vacant 164,000 sq ft office block and adjoining 7.9 acres of land, known as Kellogg Tower, in Greenford. In Crawley, the Group would be redeveloping a 43,600 sq ft vacant office building known as Stoner House into 129 residential units.
The Fladgate team was led by real estate partner Gideon Dabby-Joory assisted by real estate associate Adam Baker, banking associate Naomi Clancy and construction associate Sasha Pirbhai.