Monday 3rd March 2008
Bank of Scotland Corporateand Henry Homes plc have agreed a £21m funding package for the purchase and mixed-use redevelopment of the Canon House office block in Wallington, Surrey.
Full planning permission is held to extend and convert the building into 22,000 sq. ft. of retail space and 174 residential units. 56 of these are earmarked as 'affordable housing', and an agreement has already been struck to sell these to the Broomleigh Housing Association.
Occupied by Canon until around two years ago, the 1987 building is 5 stories high and will accommodate one and two bedroom properties, and duplexes. Collectively, they will be known as Signature, and will incorporate a gym along with a first floor landscaped garden incorporating a running track.
It is ideally located in the town centre of Wallington, south of London. Immediately adjacent is Wallington Station, which is just over half an hour from London Victoria. It is also close to the M25, and has easy access to the M23 towards Gatwick Airport.
Commenting on the deal, David Squire, Director of Real Estate at Bank of Scotland Corporate, said:
"We're delighted to have been of assistance to Henry Homes on this development, which is important for the Wallington area. We always choose to back strong management teams and Henry Homes has a team capable of delivering this project to the highest standard. We look forward to our financial partnership as it unfolds."
Steve Britnell, Executive Chairman of Henry Homes plc, added:
"Now that we have received the banking of Bank of Scotland Corporate, almost all the pieces of the puzzle are in place. The transformation of Canon House from an empty building to a superior living and working space will now get underway, and we're grateful for the attentive and knowledgeable assistance of Bank of Scotland Corporate."
Notes to Editors:
About Bank of Scotland Corporate
Bank of Scotland Corporate, part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. Total lending at June 2007 stood at £95.8 billion.
About Henry Homes
Having designed and built many homes in some of the most sought after locations across London and the Home Counties over the last 20 years, Henry Homes believe that their unrivalled passion and consistent desire to deliver exceptionally high standards of service and customer satisfaction are the reasons for their success.
Henry Homes understand their clients and their lifestyles and with the marriage of traditionally high standards of build and some of the finest modern materials and smart home technology sourced from around the globe these homes propose only the best lifestyles.
