Development finance lender Atelier has provided a £46.1m loan to Sheen Lane Developments for the acquisition and conversion of Griffin House, a redundant office building in Hammersmith, west London.
The 18-month facility will support the permitted development conversion of the property into studio apartments. Griffin House is located between Hammersmith and Olympia, approximately six minutes’ walk from Hammersmith station in Zone 2.
Repeat collaboration
This marks the second transaction between Atelier and Sheen Lane Developments, following the lender’s involvement in the 200 Hammersmith Road permitted development scheme. The funding was completed within a tight deadline resulting from a competitive bidding process.
Paul Silva, managing director at Atelier, said: “We are delighted to be working with the Sheen Lane team again on Griffin House. Having been through the full development cycle together on multiple permitted development schemes, we understand how they operate and the importance of funding that keeps pace with their delivery.”
Silva added that the competitive bidding process created a tight timeframe for delivering the funding, and noted that Sheen Lane’s construction techniques and build programmes aligned with Atelier’s approach to drawdowns.
Market context
The transaction comes as new-build output falls for three consecutive months, though existing homeowner enquiries for new builds rise 23%, indicating continued demand for residential properties in established urban locations.
Andrew Cooper, director at Sheen Lane Developments, described the deal as complex and highlighted Atelier’s collaborative approach in working through structural challenges to find solutions.
The conversion will transform the office building into a residential community in an area with established transport links and proximity to central London.
