Christian Candy’s begun this year with a bang providing a £127.5m bridging loan on a property next to Buckingham Palace. The loan for acquiring 1 Palace Street, a Grade II listed 19th century former hotel building on Buckingham Gate, is being touted as one of the biggest bridging loans ever provided.
Candy’s Omni Capital is providing the loan to Palace Revive Limited, a special purpose vehicle established to acquire the property.
The 245,000 square feet site will be converted into 78 luxury private apartments with a restaurant, health centre and of course, great views over Buckingham Palace Gardens. The site has got planning permission already.
Colin Sanders, CEO of Omni Capital, said: “This marks the first of many transactions as Omni Capital starts 2014 and moves into larger ticket deals.
“Extensive knowledge and expertise in all aspects of property and development, especially on deals of this size, combined with Omni’s financial structuring capabilities, enables fast and substantial in-house development funding for experienced investors and development professionals.”
In the past 18 months, Omni Capital has lent over £250m over this £127.5m loan.
Watch out for this property if you fancy the Queen as your neighbour.