OakNorth Bank completes £5.6m loan to convert vacant pub and hotel
OakNorth Bank – the UK bank powered by OakNorth – has completed a £5.6m loan to Gallican Investments Limited, which is led by the experienced team behind Dandi.
The capital will be used to convert The Antigallican Hotel in Charlton, which has been vacant since December 2018, into a new residential led, mixed-use scheme, comprising of 60 studio apartments as well as a café on the ground floor.
Located within the popular Royal Borough of Greenwich, the two-storey site is just a 15-minute train ride from London Bridge, making it an attractive location for City commuters.
The 60 studio apartments will be managed by Home Studios 4U, one of the largest lettings and management agencies in North West London.
The project is being led by the team behind Dandi, the multi award-winning property developer founded by Ali Reza Ravanshad in 2005.
Over the last 15 years, the business has grown its unit portfolio significantly, with 1,117 more in the current pipeline.
Dandi create small and unique spaces for their residents which allows them their own individual space whilst feeling part of a community.
Ali Reza Ravanshad, Chairman & 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.”