UK: The Antigallican pub and hotel in London’s Greenwich area is set to be converted into a mixed-use scheme with 60 studio apartments managed by Home Studios 4U.
OakNorth Bank has completed a £5.6 million loan to Gallican Investments Limited, led by Ali Reza Ravanshad who also founded property developer Dandi. Dandi offers full-service residential projects and currently has 1,115 units in its pipeline.
The capital will be used to convert the hotel in Charlton, which has been vacant since 2018, into a mixed-use scheme. The two-storey site will comprise 60 studio apartments and a cafe on the ground floor.
Ravanshad said: “For the past 15 years, we’ve focused on making magical living accessible. This project will bring dozens of new homes to an up and coming part of London, by breathing new life into a building that has been vacant for two years. We’re grateful to OakNorth Bank which lived up to its promise of behaving like a partner – the team operated commercially, transparently and with an entrepreneurial mindset, despite the unusual environment, which made the experience of dealing with a bank and applying for a loan, positive and dare I say, actually enjoyable!”
Max Saidman, associate director of debt finance at OakNorth Bank, said: “Charlton is going through a huge regeneration phase and is becoming an attractive location for young professionals and families. It benefits from being a stone’s throw from Canary Wharf and Greenwich Village, whilst still offering residents the suburban experience. I am excited at having the opportunity to work with Dandi with Ali who has been in real estate for 34 years, so brings a wealth of experience to this project. He and his team have successfully completed several large-scale residential developments across London, so we’re delighted to be supporting them and look forward to building on the relationship in the future.”