Future High Street Living acquires a former Debenhams store in Staines with £9.5m debt financing from ASK
Future High Street Living led by Sam Ginda, has acquired a 0.66-acre site in Staines, comprising a basement plus 4-storey vacant department store, formerly occupied by Debenhams. A £9.5m loan for the acquisition was provided by real estate funding specialist, ASK Partners.
The site is in Staines, situated west of London and just 3.6 miles north of Heathrow, a well-located town undergoing major regeneration, including residential schemes from two of the largest housebuilders. Plans for the town also incorporate Spelthorne Council’s emerging policy, which includes this site on a preferred option list. This emerging allocation states that the site could receive planning for c250 units. Future High Street Living has prepared indicative plans and intends to carry out a mixed use residential-led scheme, subject to consent.
Sam Ginda, CEO of Future High Street Living and the Taylor Grange Group said: “We are delighted to have completed this acquisition in collaboration with ASK on such an iconic site which is line with our vision and ethos at Future High Street Living. We recognise that ex retail sites such as this are ripe for repurposing, and investment in developments like this will introduce much needed new homes and new reasons to visit these areas again. We are working very closely with Spelthorne Council to ensure we can deliver a high quality scheme through design and amenity which the area warrants and for the local people and its incoming residents. This is our fourth acquisition this year and we are very excited to roll out our vision with our valuable funding partners.”
Daniel Austin, Co-founder and CEO of ASK said: “This is a great site which we were delighted to help fund. Developments by two leading house builders have repositioned Staines as a strong commuter location and set a new benchmark for values in the area. Given its situation on the river Thames and excellent transport connectivity, alongside a rise in demand for high-quality accommodation, I believe a mixed-use residential scheme would be highly successful on this site and look forward to seeing Future High Street Living’s plans come to fruition.”