Paragon Bank provides £10m funding for Hounslow office-to-residential redevelopment

Developer Harbright has secured a £10m funding package from Paragon Bank for the redevelopment of a former office building into homes in Hounslow, west London.

The facility will support the conversion of Whitelocke House — located in the heart of Hounslow town centre — into a high-specification development comprising 26 one-bedroom and six studio apartments, under permitted development rights.

The scheme is next to the borough’s new civic centre and close to Hounslow Central underground and overground stations and retail centre, currently undergoing a multi-million-pound transformation.

The 0.43-acre site was acquired by Harbright in 2019 and has a total GDV of £24m.

Prices for the homes will start from £260,000.

Jacques Bingham, director at Harbright, said: “The team at Paragon were professional, knowledgeable and very understanding of the difficult circumstances we were all working through under Covid-19. 

“They were quick to grasp that, despite these conditions, Whitelocke House will be a high quality build, at an attractive price point for both first-time buyers and investors.”

Adrian Reeves, relationship director at Paragon, added:  “It’s great to support an existing client to provide homes at this price level in Hounslow. 

“This deal further strengthens our relationship with the client as we continue to support them throughout this challenging time in the market.”

Hounslow is one of the Mayor of London’s housing zones,because of its strategic location and excellent transport links.

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