Member Article

Upmarket design house eyes development in well heeled Radlett following £9m financing

Fusion Residential, the boutique design house based in London, is planning a new luxury residential development in an affluent Hertfordshire enclave after securing a £9.1m loan with OakNorth Bank.

Located in the village of Radlett, the cash will be used to acquire a prominent vacant plot in the village which will be redeveloped into ten three-bedroom apartments located within walking distance of Radlett’s shops and restaurants.

In what will be the first development of its kind in the area, each apartment will have two gated underground parking spaces along with open air terraces and a private concierge service targeted at affluent homeowners in London’s commuter belt.

Following confirmation of the financing, Antoine Christoforou, Managing Partner at Fusion Residential, said: “This will be the first building of its kind in Radlett - some play the game and are content maintaining the status quo, but our team at Fusion change it.

“This project will offer exquisite apartments in a prime location with unparalleled levels of specification and finish. There is a very limited supply of luxury lateral apartments in this part of the world and demand has been very high even before we have broken ground.”

Founded in 2006, Fusion has developed its reputation in the capital for some eye-catching projects and designs, including The Collection in Finchley and Palazzo in Hadley Wood (pictured).

OakNorth, meanwhile, have sealed yet another major property financing deal, coming just a week after the challenger bank contributed to a £25m funding package for luxury developer the Linton Group for a development in Primrose Hill.

The bank said it was introduced to the deal by Brotherton Real Estate, which it claimed presented a unique opportunity due to the lack of comparable developments in Radlett.

In a joint statement, Surinder Sidhu, Debt Finance Director, and Ben Barbanel, Head of Debt Finance at OakNorth said: “This was a very interesting deal for us from an underwriting perspective as there are no other comparable properties in the area so we had to look at the performance of similar projects in Fusion’s portfolio.

“The team have an excellent track record and several decades of experience between them so we’re very excited to be working with them and look forward to doing additional deals in the future.”