Christian Candy’s Omni Capital is providing debt financing for a £13.5m residential development project in Chiswick, west London
The move reflects Omni’s growing interest in backing projects outside “over-valued” areas of prime central London.
The CPC Group-owned lender is providing an £8.9m facility over 15 months to help Prime City Developments fund the acquisition of a former office building in Hogarth Lane and redevelop the site into 19 luxury flats with an expected gross development value of £13.5m.
Omni Capital chief executive Colin Sanders said the lender wanted to back further similar projects in London.
“We have a sharp appetite for development funding of this type,” said Sanders. “While over-valued parts of prime central London have become less appealing from a lending perspective, attractive opportunities continue to present themselves elsewhere in the capital.”
It will be the fourth project of its type undertaken by Prime City in London and the South East. Prime City director Michael Magee said: “Omni was quick to respond to our needs and have supported us on previous schemes.”