OakNorth Bank completes £6m facility to develop luxury residential scheme in Surrey

Financial Services | Property & Construction | South East

OakNorth Bank has completed a £6m loan to Chalk Lane Properties Limited, which is led by the experienced team behind Gage Properties.

The capital will be used to convert the Chalk Lane Hotel into The Chalk Lane Residences – a new 21-unit luxury residential scheme in Epsom, Surrey.

Combining the rich heritage of the former Hotel building’s history together with modern interiors and contemporary specification, the new scheme will consist of 21 one to four-bedroom apartments.

Residents will also be provided with car and cycle parking, as well as private and communal gardens. The Development is a short distance from Epsom Station which provides regular trains into central London, making it an attractive choice for the Capital’s commuters.

The project is being led by the team behind Gage Properties, the private development, investment and asset management company, specialising in the renovation, refurbishment and development of residential and commercial properties in prime London locations and the South-East. Established in 2005 by Gavin Essex, Gage has been built on three decades of extensive experience in the London property market.

Gavin Essex, Managing Director of Gage Properties, commented: “With more and more Londoners choosing to move to the suburbs where they get fresher air, better value for money and the flexibility to easily commute to the Capital if needed, it’s perhaps unsurprising that almost a third of the units have already been pre-sold. Like most of the property development sector, we have been impacted by COVID-19, so it’s been helpful to work with a bank that appreciates the challenges we’re facing and have had to overcome. Hemesh and the rest of the team at OakNorth Bank clearly know the residential sector well and were incredibly transparent throughout the entire process.”

Hemesh Patel, Property Finance Director at OakNorth Bank, said: “We continue to work closely with property developers to ensure they have the flexibility in their financing to make it through this period and successfully complete their projects. With 30 years of experience, Gavin is an expert in the residential development sector, and we’re delighted to be able to support him with this latest project.”

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