In a significant development for North London’s property market, United Trust Bank (UTB) and Iron Bridge Finance have collectively provided over £10 million in funding. This investment will support Northwest3, a joint venture between Prospect Property, OnPlan, and Point6 Developments, in their ambitious project to convert 19 flats into 16 luxury apartments in Swiss Cottage, North London.

UTB is contributing a substantial senior facility of £9.125 million, representing 75% of the acquisition and refurbishment costs. Complementing this, Iron Bridge is adding £1 million of mezzanine finance, with the JV partners providing the remaining funds.

The project aims to transform villas, previously converted into flats decades ago, into 16 state-of-the-art luxury apartments. These homes are designed to cater to modern living standards and appeal to discerning buyers. The redevelopment is expected to increase the property’s value from £8.5 million to a Gross Development Value (GDV) of over £15 million, despite reducing the number of dwellings.

The completion of these apartments, expected to take around 15 months, will see prices ranging from £600,000 for one-bedroom apartments to over £2 million for the larger five-bedroom garden flats.

Tom Wheaton, managing director at Prospect Property, shared his excitement about the project. “We’re eager to develop these unique homes in such a sought-after residential area, restoring the building to its former grandeur. We’re immensely grateful for the support and guidance from UTB and Iron Bridge throughout this endeavour.”

Edward Weekes, property development manager at UTB, also commented on the collaboration. “We’re delighted to support this attractive redevelopment. UTB values partnerships with developers who have a keen understanding of their market and the capability to deliver successful projects. Tom and his team have an impressive history of transforming historic London properties into unique and desirable homes. We’re looking forward to backing more of these distinctive redevelopments.”

Edward Alexson, COO at Iron Bridge Finance, highlighted the local connection to the project. “This deal is particularly close to our hearts, being located just a stone’s throw from our offices. We’re proud to collaborate with UTB in supporting experienced developers like Tom, demonstrating our joint ability to support significant and professional development projects.”

This joint venture marks a substantial commitment to the North London housing market, particularly in the luxury segment. It represents a fusion of historical elegance and contemporary luxury, poised to attract potential homeowners in Swiss Cottage.