LONDON, September 6, 2010 /PRNewswire/ -- Sean Murray, Chairman of Ridgeford Properties, a leading London-based property development company, today announced Ridgeford Properties have secured funding from a leading UK bank in what is one of the first speculative loans made to a property development firm in the last 18 months.
The loan, which amounts to GBP33 million, will enable Ridgeford Properties to complete the second phase of the build.
Sean Murray, Chairman of Ridgeford Properties said: "Confidence appears to be slowly returning to the property market and banks are lending again to developers who can demonstrate a strong demand for their properties. Our development - The Fitzrovia Apartments - combines outstanding design and quality in an area of London that has a vast shortage of new build residential accommodation."
The Fitzrovia Apartments, which houses the outpatients centre for the Royal National Orthopaedic Hospital alongside residential apartments, is a joint venture between Ridgeford Properties Ltd and Manhattan Loft Corporation. The GBP110 million mixed-use development began construction in January 2008.
Phase one of the development completed in 2009 and saw the creation of a state-of-the-art, fully fitted diagnosis centre for the Royal National Orthopaedic Hospital and 40 residential apartments - fourteen of which are affordable housing. Phase 2 consists of 44 private apartments and new commercial offices.
Chris Murray, Managing Director of Ridgeford Properties, said: "I am delighted that construction of phase two of the project is now underway and that Phase one was sold entirely in 2009 at record prices for the area. We continue to see a high level of interest in the properties and have pre-sold 10 flats already in Phase two. Phase two will complete the entire Fitzrovia Apartments development and will feature a double height luxury lobby leading to a generous garden, "an urban oasis". Our goal is to set the benchmark for Central London Luxury Living and this is evidenced by our success to date"
Phase two at Bolsover Street is expected to be completed in spring 2012.
SOURCE Ridgeford Properties