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OakNorth Bank completes £6m facility to redevelop the Chalk Lane Hotel into new major luxury residential scheme in Surrey

OakNorth Bank – the UK bank powered by OakNorth – has completed a £6m loan to Chalk Lane Properties Limited, which is led by the experienced team behind Gage Properties.

The capital will be used to convert the Chalk Lane Hotel into The Chalk Lane Residences – a new 21-unit luxury residential scheme in Epsom, Surrey. Combining the rich heritage of the former Hotel building’s history together with modern interiors and contemporary specification, the new  scheme will consist of 21  one to four-bedroom apartments. Residents will also be provided with car and cycle parking, as well as private and communal gardens. The Development is a short distance from Epsom Station which provides regular trains into central London, making it an attractive choice for the Capital’s commuters.

The project is being led by the team behind Gage Properties, the private development, investment and asset management company, specialising in the renovation, refurbishment and development of residential and commercial properties in prime London locations and the South-East. Established in 2005 by Gavin Essex, Gage has been built on three decades of extensive experience in the London property market.

Gavin Essex, Managing Director of Gage Properties, commented: “With more and more Londoners choosing to move to the suburbs where they get fresher air, better value for money and the flexibility to easily commute to the Capital if needed, it’s perhaps unsurprising that almost a third of the units have already been pre-sold. . Like most of the property development sector, we have been impacted by COVID-19, so it’s been helpful to work with a bank that appreciates the challenges we’re facing and have had to overcome. Hemesh and the rest of the team at OakNorth Bank clearly know the residential sector well and were incredibly transparent throughout the entire process.”

Hemesh Patel, Property Finance Director at OakNorth Bank, said: “We’re continuing to work with property developers to ensure they have the flexibility in their financing to make it through this period and successfully complete their projects. With 30 years of experience, Gavin is an expert in the residential development sector, and we’re delighted to be able to support him with this latest project.”

ENDS

Notes to editors

About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers / investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.

Since its launch, the bank has:
• Lent over £4.6bn, directly helping with the creation of 16,000 new homes and almost 20,000 new jobs in the UK;
• Raised deposits from c.160,000 savers;
• Supported over 750 businesses across the UK with the debt finance to pursue their growth ambitions

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Visit www.oaknorth.co.uk for more information.

Contact

Tom Pavey-Smith, Associate Director – Growth & Communications: tom.pavey-smith@oaknorth.co.uk / press@oaknorth.co.uk / 0791 716 5588

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