2498 - Acton, London - Acton airspace development case study
Name of case study: 2498 - Acton, London
Term: 14 months
Loan amount: £1.3m
Type of product: Development finance
The subject property comprises air space above an existing 1930’s purpose built block of flats arranged over ground and two upper floors.
TAB is funding an overall facility of £1.3m for a term of 14 months with an LTGDV of just under 60%. Funds are being used to construct four new build flats and complete refurbishment of the entire building
The property is located in an established residential area within walking distance of Acton Town Underground Station (District and Piccadilly lines) and Acton Mainline Station.
As seen in the images below after one of our site visits, TAB was impressed with the property's construction progress. The steel frame for the development had been erected, and deck installations for both the third floor and roof progressed as well as the first fixed carpentry work. The property also saw the installation of timber staircases which were connected to the existing stairs giving access to the new roof space.
As seen in the images below taken at a recent site visit, works have progressed well and are on schedule. The flats are now wind and watertight and the first fix electrical and plumbing installations have been completed. The kitchens and bathroom sanitaryware are currently being installed and the flats are almost ready for their first coat of paint. The underfloor heating has been installed and the door and door frames have been hung.
TAB is pleased with the progress the client has made on site and the quality of the workmanship.
TAB continues to monitor the project closely and looks forward to seeing the finalisation of the bathrooms and kitchen installations as well as the flooring and final decorating works to be completed.