Former London hotel to be transformed with £5.6m loan
A London investment company has announced it has received a £5.6m loan for the conversion of a disused hotel into new apartments.
Gallican Investments has received the loan from OakNorth bank to convert The Antigallican Hotel in Charlton into 60 studio apartments.
The hotel has been vacant since December 2018, and will become a new residential led, mixed-use scheme.
Located in Greenwich, the two-storey site is just a 15-minute train ride from London Bridge, with the 60 studio apartments set to be managed by Home Studios 4U.
Ali Reza Ravanshad, chairman and founder of Dandi, commented: “For the past 15 years, we’ve focused on making magical living accessible. This project will bring dozens of new homes to an up and coming part of London, by breathing new life into a building that has been vacant for two years.
“We’re grateful to OakNorth Bank which lived up to its promise of behaving like a partner – the team operated commercially, transparently and with an entrepreneurial mindset, despite the unusual environment, which made the experience of dealing with a bank and applying for a loan, positive and dare I say, actually enjoyable!”
Max Saidman, associate director of debt finance at OakNorth Bank, said: “Charlton is going through a huge regeneration phase and is becoming an attractive location for young professionals and families.
“It benefits from being a stone’s throw from Canary Wharf and Greenwich Village, whilst still offering residents the suburban experience.
“I am excited at having the opportunity to work with Dandi with Ali who has been in real estate for 34 years, so brings a wealth of experience to this project.
“He and his team have successfully completed several large-scale residential developments across London, so we’re delighted to be supporting them and look forward to building on the relationship in the future.”
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