OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a £38.4m loan to Westbourne Capital Partners, a property development and investment company with an extensive track record in the central London market.
The developer plans to develop a more than 250,000 sq.ft. space right by Lord’s Cricket Ground into over 200 new care units. The proposed development will be split into two blocks – the West Block will have 89 extra care units along with associated medical facilities, while the East Block will be a bespoke care home facility.
Focusing on strategic land assembly, residential and extra care developments, Westbourne Capital’s co-founders, Johnny Sandelson and David Meagher, have completed numerous projects over the last five years with a combined GDV of more than £3.5bn. Some of their current developments include: Heythrop – a 330,000 sq. ft. later-living scheme in the heart of Kensington – and Dovehouse – a 130,000 sq ft luxury residential development just off the King’s Road.
Commenting on the deal, co-founders Johnny Sandelson and David Meagher, said: “The Retirement Housing sector currently comprises of 725,000 homes which equates to c.2.6% of the total housing stock in the UK. However, with 20% of the UK population expected to be over 65 within the next seven years, the country is in desperate need of more care units. We are presently looking for new opportunities to build care homes in Zones 1 and 3 – we have strong and deep equity commitments, and we look forward to working with OakNorth again in the future.
“That’s why we hope to secure the planning permission needed to deliver hundreds of new high-quality care units in the heart of London, right by one of its most famous sporting grounds. The team at OakNorth were able to complete the deal in a matter of weeks which was essential in enabling us to apply for planning permission within our time frame.”
Hemesh Patel, Property Finance Director at OakNorth, commented: “In just five years, Johnny and David have assembled a portfolio with a GDV in excess of £3.5 billion which is pretty incredible. We’re delighted to be working with such an ambitious and fast-growing business and wish the team the best of luck in their application for planning permission.”