Ask Partners and OakNorth Bank have provided a £44.5m senior loan to support Sheen Lane Developments’ mixed-use commercial scheme in west London.

The 30-month loan facility, provided on a 65% loan-to-GDV, will finance the acquisition and refurbishment of the former House of Fraser department store at 80 George Street in Richmond. The 61,000 sq ft building includes an adjoining retail space along Paved Court, making a total of 75,528 sq ft.

In 2021, former owners Canadian and Arcadia secured planning consent to redevelop the 0.5 acre site and turn into a mixed-use retail and office development, but Sheen Lane will apply to the local authority to change the approved use class to Class E so that the tenant mix could be broadened to include a health club and restaurants.

Martin Tynan, director at Sheen Lane Developments said: “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. 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.”

Clifton acted for Sheen Lane on the acquisition and is retained to advise on leasing and asset management of the site.