Omni Capital funds stately home development
By Bridging Loan Directory -
A historic Surrey stately home once occupied by eminent earls and dukes will shortly be launched onto the market following multi-million pound funding from specialist short and medium-term lender Omni Capital.
Albury Park – an iconic 18th century, Grade II* listed former stately home in Albury, Surrey – has undergone an award-winning restoration by a development partnership comprising Michael Wilson Restorations and Belgravia-based Chelsminster Estates.
Mayfair-based brokerage Arc & Co. was approached by the developer team to deliver a substantial refinance package for the landmark development. Omni Capital was selected as the preferred lender and provided a £15 million loan facility within just 10 days.
Located near Guildford, Albury Park is one of the most important buildings in southern England and has considerable historical significance dating back to the early 18th Century. Its original architects were responsible for the Bank of England building in London and the Houses of Parliament, and the property was host to the Coronation Banquet of King George III in 1761.
Together, Michael Wilson Restorations and Chelsminster Estates have given this heritage property set within the Duke of Northumberland’s 150-acre park a new lease of life through the creation of 12 luxury residences providing a quality of specification normally associated with prime central London. The conversion has been carefully managed in consultation with English Heritage, and has retained the building’s architectural legacy and original design.
Speaking for the partnership, Chelsminster Group’s chief executive Mark Clayton said:
“With the expert advice of Arc & Co. we were delighted to appoint Omni Capital as the lender for Albury Park. The company’s background and understanding of the high-end luxury residential sector was invaluable and they offered us a fast and competitive package with considerable added valued.”
John Kerrigan of Arc & Co. commented:
“Arc & Co. was privileged to be involved in structuring funding for such a landmark and unique property. Working closely with the teams from Albury Park and Omni Capital, who both showed the utmost professionalism throughout the exercise, was a pleasure, and we look forward to building on these relationships into the future. Further to replacing the existing senior debt, additional equity was released to allow for property enhancements, all adding even greater quality and value to the scheme.”
Colin Sanders, Omni Capital’s chief executive officer, said:
“Albury Park is an enormously exciting and rather special premium residential development of the type rarely seen. Michael Wilson Restorations and Chelsminster are bringing to this unique project their highly-regarded flair for design and talent for creating enviable high-end lifestyle environments. It’s testament to our capabilities that we were able to move quickly and with certainty to fulfil their needs in this far-from-simple lending scenario.”
The three parties are in continuing discussions regarding future co-operation across a range of areas relating to Albury Park.
Albury Park has just received the Gold Award for ‘Best Conversion’ and ‘Best Landscape Design’ at the coveted What House? Awards 2013. It also won ‘Best Restored Garden/Landscape’ in the New Homes & Garden Awards 2013, and was a commended award winner in The Sunday Times & British Home Awards 2013.