Montreaux to apply for planning permission to build 1000 new homes in Cricklewood following financing from OakNorth and ASK Partners

By Bridging Loan Directory 15th April 2019

OakNorth – the bank for entrepreneurs, by entrepreneurs – and ASK Partners, the real estate finance specialist, have partnered with Montreaux, a leading property investment and development company focusing on mixed use and residential schemes across the UK.

The facility will be used to acquire an 86,000 sq. ft. warehouse and 470 car parking spaces in the north-west London area of Cricklewood and pending planning approval, Montreaux will seek to build a residential-led mixed use scheme comprising 1000 units on the site, including one, two and three bed-roomed units, as well as various commercial units. The site is within proximity of various transport links, including Cricklewood station which is less than a mile away. This offers direct Thameslink services into King’s Cross in under 15 minutes and Farringdon station in less than 20 minutes, giving residents future access to Crossrail.

Having successfully completed several large-scale developments in the past, including the Middlesex Business Centre and Castle Dene Shopping Centre, Montreaux has built a reputation as one of the most proactive and fastest growing developers in the UK.

Hemesh Patel, Property Finance Director at OakNorth, said:

“Subject to planning approval, this new development will provide the local community with over 1000 new homes as well as several additional commercial units. Having worked with ASK Partners on several transactions in the past, we were confident that we’d be able to complete the deal in the timeframe Montreaux needed to apply for planning permission. The team at Montreaux have a diverse and expansive portfolio spanning care homes, hotels, commercial, leisure, retail, mixed-use, and residential, so we look forward to working with them on additional projects in the future.”

David Burke, Founder and CEO of Montreaux, added:

“The Brent Cross Cricklewood regeneration area is a major focus for the creation of new jobs and homes, building upon the area’s strategic location and rail facilities. Our experience in successfully completing mixed-use developments, coupled with our unrivalled expertise in community consultation, gives us hope that we will be able to secure the planning permission needed to bring 1000 new homes to this exciting area. We’re grateful to the support we received from both OakNorth and ASK Partners – the speed with which they worked was essential for ensuring we were able to apply for planning permission on time, and it was clear from the collaborative way in which they worked that they’ve done transactions together before.”

Daniel Austin, CEO of ASK Partners, said:

“We are delighted to have completed another transaction with both Montreaux and OakNorth. This exciting new project has the potential to greatly benefit the local community and contribute to the ongoing regeneration of the wider Brent Cross Cricklewood area.”