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. This 18-month facility will support the permitted development conversion of the property into studio apartments.
Griffin House is situated between Hammersmith and Olympia, approximately a six-minute walk from Hammersmith station. This transaction marks the second collaboration between Atelier and Sheen Lane Developments.
The deal comes as new-build output has fallen for three consecutive months. However, existing homeowner enquiries for new builds have risen by 23%, suggesting ongoing demand for residential properties in established urban areas.