Acre Invest agrees over £6m Development Facility with Aldermore
Acre Invest has agreed a £6.27m funding package with Aldermore, the specialist bank, to build a large commercial unit and 18 further apartments in Sydenham, South London.
Designed to set a new aspirational benchmark for the local area, the high-end property will have a contemporary façade, stylish interior and an attractive courtyard setting. The construction work is overseen by Zanara, a project management company that specialises in commercial and residential developments and mixed-use buildings.
The development is considered a self-managed scheme as Shazad Khan is both a director of Acre Invest and Zanara.
Shazad Khan, Director of Acre Invest and Zanara, commented:
“As this is, in effect, a self-managed scheme, we had to find a funder who understood our specific needs in these circumstances. Our other challenge was the amount of funding we required to complete the project.
“Aldermore came up trumps on both elements and Simon and his team showed that they were knowledgeable and had the flexibility to work with us, even if unforeseen complications – such as increased costs, changes in planning and delayed works – arose. It has been a refreshing change to be honest to work with such a supportive lender.”
Simon Knowles, Head of Property Development at Aldermore, said:
“When Shazad first came to us we were struck by his enthusiasm and can-do attitude around the way his business turns aspirations into deliverable projects. Once we had a full understanding of the development and the finance required, we were keen to work with him and his team.
“We had to turn the funding around in less than five weeks which, coupled with the size and complexity of the deal, was no mean feat. However, by establishing a close working relationship, everything went through and we look forward to seeing the finished development.”