ASK lends GBP25.5m against a high-end residential scheme in Chelsea
ASK Partners (ASK), a real estate funding specialist, has lent GBP25.5 million against a 0.2-acre freehold site in London’s Chelsea, to be developed by UAE-based Gulf Islamic Investments (GII), a company with an experienced track record of managing real estate investments in UK, UAE, Europe and USA.
GII will self-deliver the scheme, led by Shreen R Gupta, who has a significant track record of developments in the UK and MENA.
The site, well located within a highly desirable part of residential Chelsea, is a short walk to the retail and cultural offerings of Sloane Square, Sloane Street, Knightsbridge and South Kensington. It currently accommodates an existing building once used as a police station which will be demolished. Planning permission is in place for 31 residential units and commercial accommodation which will be executed to a very high specification to create an exclusive central London residential address.
GII plans to pre-sell many of the residential units through its significant Middle Eastern network. The penthouse has already been reserved.
Daniel Austin, Co-founder and CEO of ASK Partners, says: “This is a great development site in a very strong location that we were delighted to help fund. It is also a positive indicator that prime London residential still holds its appeal with foreign investors. GII’s on the ground presence and knowledge of the development helped secure the deal. It was a pleasure to work with GII and we hope to collaborate on future projects”
Siddharth Sanghi, Group Chief Financial Officer at GII, adds: “We were delighted to work with ASK on this transaction, the team’s understanding of the development cycle really helped us meet a tight deadline. We look forward to working on new opportunities together as we continue to build our portfolio in the UK.”