SPF & Acorn Property Group complete c£10m of loans in a week

SPF have advised Acorn Property Group on two highly complex commercial loans which have completed in the past week, seeing the borrowers refinance a car park in Blackheath, London and complete on the purchase of the Emery Gate Shopping Centre in Chippenham. Both sites have huge re-development and asset management potential.

The car park in Blackheath was refinanced by Lendco and land comprises circa 1.22 acres (0.49 ha) which currently has 163 parking spaces and operates as the Blackheath railway station car park. The site offers a perfect opportunity for a mixed residential and commercial development whilst being underwritten by the retention of the operational car park. The planning application is due to be submitted shortly which includes 49 residential units, 6,200 sqft of retail, 2,000 sqft of B1 office space and an enhanced market square.

Emery Gate Shopping Centre in Chippenham was funded by Octopus Property and comprises a two-storey building of 73,000 sqft which includes a selection of national retailers such as Tesco, Bonmarche, Sports Direct, Peacocks as well as several local independent retailers. Acorn want to keep the property as a long term investment and lease the vacant units at market rent within six months of completion.

Melanie Omirou, Executive Group Managing Director, Acorn Property Group, commented: “We are delighted to once again be working with Dan O’Neil and the team at SPF Private Clients and thankful for their hard work involved in these two complex loans.”

Daniel O’Neil, Director at SPF Private Clients advised on both loans.