The Uxbridge-based commercial complex (pictured above) is the latest in a number of JV developments from the financier which have contributed over 1,000 units to the UK housing market in the last year through permitted development rights (PDR) schemes alone.
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The campus comprises three self-contained riverside office buildings totalling 147,807 sq ft and once completed will provide over 200 luxury apartments, with further mixed-use development potential.
Alongside the Uxbridge scheme, Reditum has finalised the residential conversion of offices in Bracknell, Berkshire, with prior approval again under PDR, whereby 121 luxury apartments will be developed.
“The key benefit of PDR is that it accelerates new development at a time when the government has established some particularly challenging targets for housebuilding over the next few years to 2020,” said Mark Stephen, director and founder of Reditum Capital.
“PDR has shown what can be achieved in housing if developers can be innovative.”
Reditum typically manages the entire financing structure of these asset-backed transactions by sourcing senior debt on attractive terms, while entering into a JV with the developer, and raising its own participation through a mixture of equity and loan note instruments.