Developer Coronado has secured a £15.3m loan from challenger bank OakNorth to develop a luxury residential development in the centre of Wimbledon Village, Property Week can reveal.
The financing will assist with the completion of Montem Square, a collection of seven luxury houses with five bedrooms set across three floors. The scheme is within walking distance of the All England Lawn Tennis Club where last week Novak Djokovic and Angelique Kerber claimed the gentleman’s and ladies’ singles championships.
The high-end scheme, where houses are being sold at an average price of £4.4m, is Cornado’s latest luxury residential project having worked on developments in Chelsea, Fulham, Marylebone, and Battersea.
Hemesh Patel, property finance director at OakNorth, said: “The team at Coronado have decades of experience in overseeing property development projects – from sourcing, acquiring, and planning, all the way through to development, marketing, and completion. They have successfully completed several large-scale residential projects in affluent parts of London so we look forward to working with them on future projects.”
Bruce McGlew, managing director at Coronado, added: “The highest quality finishes influence all aspects of these newly built architecturally designed residences, exuding luxury throughout. As contemporary spacious homes each with a good-sized garden, the houses offer the opportunity for families to settle in this popular residential enclave, all within easy reach of the vibrant, dynamic hub of Wimbledon village.”
OakNorth secured a £154m investment in October last year and unveiled plans to lend a further £1.5bn to UK businesses over the next 12 months. It has already issued its largest single loan, £22m to North Yorkshire-based developer Newby, and lent £10m to high-profile property entrepreneurs Nicole Bremner and Avi Dodi in 2018.