Fruition Properties has won planning permission for a development of 7 high-end riverside apartments at the popular Corney Reach Way in Chiswick.
It has also simultaneously closed a £4.6m refinancing package for the delivery of the development, provided by specialist lender Sancus.
Designed by Cove Burgess Architects, the development will replace the former Pissarro’s restaurant building, which has been closed since 2014, with a mixture of 2 and 3-bedroom apartments with balconies, associated amenity space including gardens, and car and cycle parking.
The proposed scheme was previously refused in January 2018, contrary to officer recommendations, with the revised development now comprising one less residential unit and a reduced overall height across the site.
The 24 month £4.6m development loan, funded by Sancus and two Co-Funders, will refinance previous debt and facilitate delivery of the development, through to the sales period.
Parul Scampion, Chief Operating Officer of Fruition Properties, commented: “Chiswick has long enjoyed a status as one of south west London’s most popular areas to live, owing to its open green spaces, well performing schools and excellent amenities. With funding in place from Sancus, this boutique development will breathe new life into this vacant site, providing a selection of high quality riverside homes that neatly complement the existing community of Corney Reach, while also freeing up larger family houses further along the chain.
Dan Walker, Managing Director of Sancus, said: “We are delighted to be able to support Fruition Properties on this exciting development. We were impressed by the experience and professionalism of the team and look forward to working closely together to see the project come to life. This collaborative approach, coupled with our deep understanding of development finance, is a hallmark of the Sancus proposition and enables us to deliver the kind of flexible funding our clients need.”
The site is located close to Chiswick Pier, Dukes Meadows and the historic Chiswick House and Gardens, with Overground rail services running from nearby Chiswick station and District line tubes from Turnham Green.
Construction is due to start right away and is expected to complete in 2021.
Fruitition Properties has acquired the former Pissarro restaurant site in Chiswick.
They will be commencing the planning process shortly, with the intention to submit an application for a residential scheme of new-build apartments, with a number having river views.
Mani Khiroya, managing director of Fruition Properties said: “This is a highly sought after location and we look forward to delivering revised plans for a high quality residential scheme that will add a new dimension to the area, which already benefits from an attractive riverside location with unique views.”
Ben Babington, residential development director at Jackson-Stops & Staff added: “We are delighted to have acted for Fruition Properties on the acquisition of this exciting riverside site. Their refined product will undoubtedly meet the very high expectations of the discerning Chiswick market and the exclusive, boutique nature of the scheme will offer something quite different to the larger scale developments currently being offered in the area.”