OakNorth completes £15.3m deal to Coronado for luxury residential development in Wimbledon
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a £15.3m loan to the real estate development company – Coronado.
The property finance will be used to support Coronado’s latest project – Montem Square – a collection of seven luxury houses in the centre of Wimbledon Village, a parkside enclave looking down on the city below. Each house boasts a spacious layout with five bedrooms set across three floors, and is beautifully designed to complement the village’s heritage. As the home of the world-renowned Championships, Wimbledon has always been popular with locals, Londoners, tennis-lovers and tourists alike. Coronado therefore expects the properties, which are selling at an average price of £4.4m, to be snapped up quickly with one having already been sold.
Bruce McGlew, Managing Director at Coronado commented:
“We are proud of our development at Montem Square. The highest quality finishes influence all aspects of these newly built architecturally designed residences, exuding luxury throughout. As contemporary spacious homes each with a good-sized garden, the houses offer the opportunity for families to settle in this popular residential enclave, all within easy reach of the vibrant, dynamic hub of Wimbledon village.
“The support we received from OakNorth has been invaluable – while this was our first luxury residential venture in Wimbledon, the team considered our track record and past success with similar projects and used this to inform their decision. We really appreciated the speed at which they responded to our queries and the transparency of their credit process, whereby we were given the opportunity to speak directly to the Credit Committee.”
Commenting on the transaction, Hemesh Patel, Property Finance Director at OakNorth said:
“The team at Coronado have decades of experience in overseeing property development projects – from sourcing, acquiring, and planning, all the way through to development, marketing, and completion. They have successfully completed several large-scale residential projects in affluent parts of London so we look forward to working with them on future projects.”