BBS Capital arranges £10m loan from OakNorth for acquisition of Grade II listed Fulham Town Hall

By Bridging Loan Directory 6th February 2019

BBS Capital, the leading debt advisor and asset manager has arranged a loan with OakNorth, for private family office Ziser London, to acquire the landmark Fulham Town Hall, supporting its planned transformation into a hotel, restaurants, event space and a spa.

OakNorth has provided £10m which will be used to fund the acquisition of the Grade II star listed 51,350 sq. ft. building from a private vendor, after which Ziser London will undertake the planning and pre-letting process. A development finance facility will then be arranged in due course.

Located on London’s Fulham Road, Fulham Town Hall was built between 1888 and 1890 and extended between 1904 and 1905, for a cost of £30,000 at the time. Originally designed by George Edwards, it is one of the most architecturally significant buildings in Fulham sitting within the Walham Green Conservation Area. It historically functioned as a traditional Town Hall but was underutilised following the merger of the boroughs of Hammersmith and Fulham in 1965, after which it was used for administrative work, as a registry office and for events.

Fulham Town Hall boasts stunning period features including a Portland stone façade, stained glass windows, high ceilings, grand halls and former offices, and the planned redevelopment will preserve these original features. The property sits on the border of Fulham and Chelsea opposite Fulham Broadway, moments-walk from Stamford Bridge Football Stadium.

BBS Capital drew upon its extensive knowledge of the debt market and senior level relationships with OakNorth to structure this facility for Ziser London.

Joanne Barnett of BBS Capital, commented:

“Our excellent working relationship with OakNorth was key to closing this deal for our client. Arranging the finance had the potential to be challenging, because planning permission to transform Fulham Town Hall into a hotel has not yet been granted. However, OakNorth understood the vision and opportunity enabling us to secure funding to support the purchase of the property for our client.”

Priya Harley, Debt Finance Director at OakNorth said:

“Ziser London has an extensive track record in investing and developing London based residential and commercial properties, in particular ones with architectural significance or a unique heritage. Once completed, this site will be a landmark property in London, so we’re delighted to be assisting the team and look forward to working with them on additional projects in the future.”