The building at 68–86 Clapham Road in Oval will be replaced by an aparthotel, which will comprise between 120–175 units, subject to receiving planning permission.

MELT Homes is a property development and investment group which has built over 100 properties in London, Gloucestershire and Kent over the past 17 years.

The group has also accumulated a portfolio of over 50 residential and commercial properties during this time.

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Venturing organisation Espalier has a growing portfolio of businesses and investments in international higher education, property, social impact and leisure.

“Whenever there is a need to submit planning permission, speed is of the essence, which is why we felt OakNorth Bank would be the right partner for this transaction,” said Evan Maindonald, director at MELT Homes. 

Rick Gibbs at Espalier Ventures added: “We are delighted to be involved in this deal with MELT and OakNorth.” 

Hemesh Patel, property finance director at OakNorth Bank, stated that given the importance of tourism to London’s economy, the city needed to "meet the demands of tourists wanting to visit the capital”.