Regal London secures £29.2m financing for mixed-use scheme in Clapham

Property developer Regal London has secured an eight-figure investment to deliver dozens of new homes and business space in Clapham.

The company will use a £29.2m finance facility with OakNorth bank to transform a site at 340a Clapham Road into 62 residential units and 17,000 sq ft of commercial space.

The mixed-use scheme will span eight floors and include 12 affordable homes, along with offices on the lower ground and ground levels.

Together with the KKR joint venture, Regal London acquired the site in October last year.

Regal London was founded by business partners Paul Eden and Simon De Friend in 1998.

Since then, it has grown its team to 120 staff and its portfolio to 1,750 residential units, with another 1,500 in the pipeline.

An aerial view of the development (Credit: Regal London/KKR)

Marc Eden, investment and legal director at Regal London, said: “Clapham is a part of London that has changed dramatically in the last 20 years since we founded Regal London.

“It is now extremely popular amongst families, young professionals and downsizers, with average flat prices being almost a third more than they were just five years ago.”

He continued: “Last year, we entered into an exclusive strategic joint venture relationship with KKR which has enabled us to continue building on the company’s successful track record of delivering much needed high-quality housing, retail and office space in the capital.

“With this finance from OakNorth, we will be able to continue on that mission in one of the most in-demand areas of London.”

OakNorth property finance director Damien Hughes commented: “This scheme will being some much needed new homes and offices to Clapham North.

“The area has increased in popularity over recent years, attracting buyers with its beautiful Victorian family homes and the fact that it is located just off Clapham Common, with both the Northcote Road and Clapham Old Town within easy reach.”

He added: “We look forward to working with the team at Regal London on additional schemes in the future.”

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