More details have emerged about the resi-led redevelopment of a rather recognisable parade of Victorian buildings in prime Notting Hill.
The four-storey, 24,511 square foot terrace at 305-317 Westbourne Park Road was home to builders’ merchant NuLine until 2021. Before that, it featured in the Richard Curtis 1999 romcom Notting Hill; the row of buildings is located right opposite Hugh Grant’s famous blue door.
Property developer Euroterra Capital and private equity company Pisach put the project up for sale last Summer, looking for £10.75mn. A few months later, in December, it was revealed that Euroterra would spend c.£20mn working up the mixed-use scheme itself.
Now specialist property lender Atelier has agreed to fund for the acquisition of the seven freehold buildings for a development valued “in excess of £30mn”, via finance brokerage Stonehouse Capital.
The under-construction scheme is on track to complete this Autumn, delivering a row of boutique shops on lower ground and ground floors (running to 11,687 sq ft), alongside seven luxury apartments (three two-beds and four three-beds; 8,051 sq ft between them) on the upper two floors. The completed apartments will range in size from 95 to 120 square metres, with prices from £2mn to £4mn.
New homes will feature south-facing balconies and/or roof terraces, with two of the apartments getting cinema rooms.
Atelier and Stonehouse describe the finance deal – the lender’s biggest ever – as “intricate”. Yet the team still managed to get it over the line within three weeks of the developer’s initial enquiry.
Atelier, which specialises in fixed-rate loans to SME developers, is on the way to £275mn of assets under management by April 2023, and is currently expanding its footprint in Prime London.
Martin Gilsenan, Atelier’s Chief Origination Officer: “More than two decades after Hugh Grant and Julia Roberts sparked the original Notting Hill effect, this remains one of the capital’s most in-demand areas.
“In recent months we’ve seen a surge in demand for new apartments in Prime London, and this development of seven stylish homes and a new parade of shops will bring fresh life, and new residents, to the W11 community.
“It’s exactly the sort of thoughtfully-designed redevelopment project we like to finance at Atelier, and will create a series of comfortable homes and vibrant businesses at the epicentre of the Notting Hill phenomenon.
“This was a complex deal, with the plans creating an additional freehold and transforming both commercial and residential properties at once; but Atelier prides itself on its ability to move quickly and decisively when we see a project with such strong potential.
“Our borrowers enjoy direct access to lending decision-makers during the application process, and it’s a testament to the speed, efficiency and thoroughness of our due diligence teams that we were able to agree finance within three weeks of receiving the enquiry.”
Tony Tadros, Director of Stonehouse Capital: “We are delighted to have arranged the finance for this transaction with Atelier, who backed the developer to complete a complex transaction within three weeks.”
Gallery: 305-317 Westbourne Park Road, London W11
