Duo Provide Sheen With £44.5 Million Development and Acquisition Loan For Richmond HoF.

Real estate funding specialist ASK Partners and OakNorth Bank have provided a £44.5 million senior development and acquisition loan to privately owned property development company Sheen Lane Developments to fund the acquisition and refurbishment of a former House of Frasers department store.

The 0.5-acre site located Richmond in west London, is a 61,000-square-foot former House of Fraser department store which includes further adjacent retail space along Paved Court, to create a total of 75,528 square feet.

Bought with vacant possession, the site has a prominent high street position and has planning consent in place for extensive refurbishment to create a mixed-use retail and office development. Clifton, which advised Sheen, is retained to advise on leasing and the future asset management strategy.

Richmond-based developer Sheen Lane said it will develop a mixed-use commercial scheme and will apply to the Local Authority to change the consented use class to Class E, broadening the tenant mix of the scheme to include a health club and restaurants.

The 30-month loan facility has been provided on a 65% loan to gross development value.

“This building is of great importance to the vitality of Richmond town centre, and we have a great tenant line-up looking to take occupation in 2023," said Martin Tynan, director at Sheen Lane Developments.

We look forward to working with the Local Authority to realise the potential of this building to reinvigorate this end of the high street and retain Richmond’s competitiveness as a commercial and leisure destination.

Jim Remfry, co-founder of Clifton, said the former House of Fraser store is one of Richmond-upon-Thames’ most recognisable buildings, fronting onto the prime retail pitch and with large open floorplates adaptable for a range of uses.