The real estate company received planning permission for the scheme at 73–77 Commercial Road in 2019 and has already managed to pre-let the scheme on a 30-year lease to Staycity for the latter’s premium brand Wilde.
The funds from STB REF will also enable Regal London to retain the property within the real estate company’s own investment portfolio.
Work on site has started and completion of the development is expected in 2021.
- DFT roundtable: What areas of property development finance finance are most underserved?
- Three-quarters of retail landlords considering repurposing projects
- Construction contract awards rise by 11% to £5.1bn
“Staycity’s aparthotel is a fantastic addition to our mixed-use portfolio and demonstrates our ability to develop across all asset classes,” said Marc Eden, investment and legal director at Regal London.
“Secure Trust Bank believed in our vision for this site and we are delighted to be partnering with such a supportive lender.”
Michael Chakli, relationship director at STB REF, added: “This is our second project with Regal and it’s great to be able to assist the company as it embarks on a new venture in the leisure sector.”