Inspired Asset Management has made its first acquisition inside London’s Zone 2, in south-west London, and plans to build a £20m micro-apartment residential scheme there.
Having received permitted development consent, Inspired will convert the 19,000 sq ft 1930s office building at 177 Abbeville Road (pictured) in Clapham into 30 one-bed and 11 two-bed micro-apartments. It also plans to submit a further planning application for additional new-build homes.
“This is Inspired’s first micro-apartment scheme in a central London location providing high-spec, high-tech homes that are considerably more affordable,” said Inspired chief executive Martin Skinner. “Clapham Common is one of the most sought-after locations for London’s young professionals and city workers.”
The apartments will be priced around 20% below typical new-builds in the area, were house prices have risen 36% over the past five years. Construction work is expected to commence next month.
The redevelopment and acquisition were funded through a senior loan from GreenOak Real Estate and mezzanine finance from Northridge Capital.