A live opportunity to fund the conversion of a prime West London commercial building at 389 Chiswick High Road (W4) into 23 flats plus co-working and shared-living space (21,674 sq ft), with detail planning granted in 2025 (P/2025/0794). We propose the Redbourne conversion product: a day-one advance of 80% net, capped at 70% of GDV, refinancing the incumbent bridge (~£23.9M with A.S.K. Partners and KSeye) and funding the fit-out, with the term take-out exiting the completed block. The recommendation is to proceed to full appraisal — a consented scheme in a liquid market, behind an experienced 20-year sponsor, on an asset only recently purchased at £28.0M.
First legal charge over the freehold/leasehold interest at title AGL17070, purchased at arm's length for £28.0M in May 2024. Prime Chiswick High Road position (LB Hounslow); strong residential demand supports the end-values. Redbourne to hold the first charge as lender of record.
Instruct RICS valuation stating: Market Value of the current asset; GDV of the consented 23-unit scheme; Market Value of the works / cost to complete; and 90-day / 180-day figures for downside. Note an alternative (larger) design option exists for the site — confirm the scheme being valued.
Sponsor Dov Cohen — 5 active directorships incl. SEAD Properties Ltd (since 2005, 20-yr track record). The SPV (inc. Aug 2022) is single-asset; accounts to 30 Mar 2025 show stock/WIP £32.3M, facility £23.875M, net assets −£0.89M — a typical mid-project SPV balance sheet. Underwrite the asset and sponsor, not the SPV P&L.
| Charges outstanding | 4 (all on AGL17070) |
| Incumbent lenders | A.S.K. Partners ×3, KSeye |
| CCJs / insolvency | None |
Two design options exist for the site; confirm final unit mix. Incumbent bridge maturing — timing supports a day-one refinance.
A mill-to-residential conversion at Victoria Mills / Victoria Riverside, Hunslet, Leeds (LS10) — 327 flats — behind a 30-year, well-capitalised converter, J M Construction (Leeds) Ltd. Scheme security is corroborated by an existing Shawbrook charge naming the exact title (YY162987). Presented as a completed exemplar to evidence the full underwrite; on a live basis this is a textbook conversion for the Redbourne product — day-one 80% net (≤70% GDV) funding the works, term take-out on the flats at c.£224 psf. Recommendation: a strong sponsor, clean file — proceed subject to GDV and current management accounts.
First legal charge over the mill conversion (title YY162987, "Victoria Riverside, Atkinson Street, LS10"). Detail planning granted (17/03765/LI). A completed, delivered conversion in a regenerating Leeds riverside location.
Instruct RICS: GDV of the scheme (aggregate and block), Market Value of the current asset, MV of the works, and 90/180-day figures. Confirm net saleable area (source unit-count discrepancy 232 vs 327 to be reconciled).
J M Construction (Leeds) Ltd — trading since 1995 (30 yrs), development + civil engineering, 13 staff. Net assets grew £3.59M (2019) → £5.42M (2024), consistently positive; cash £0.85M, stock/WIP £4.42M, modest gearing. Director John Mulleady (since 2001) runs a small Leeds development group (Corn Hill Property, JM Developments (Fearns Wharf)).
| Charges (total / outstanding) | 23 / 7 |
| Active dev-finance lenders | Shawbrook, Zorin, Westwood |
| Clean bank history | RBS, BoS, HSBC (satisfied) |
| CCJs / insolvency | None |
Small-company accounts (turnover withheld). Completed scheme — used here as a live-basis exemplar of the underwrite.
A completed office-to-residential permitted-development conversion (116 flats) at Alexander House, Stretford (M16), by Blueoak Estates Ltd — a profitable trading developer, not an SPV. Prior approval 100392/PRO/20. The exemplar deal for the Redbourne product: a genuine PD conversion by an experienced sponsor where GDV is not estimated but evidenced by the scheme's own realised unit sales (£269–£416 psf; Block A block-sale £6.16M, Dec 2023). Recommendation: the profile the conversion product is built for.
First legal charge over the completed block at 94 Talbot Road (M16). The units are on GUMO's books as individual HMLR leasehold titles with realised sale prices — the strongest valuation evidence a lender can hold.
Instruct RICS to confirm GDV against realised comparables (the scheme's own sales), MV and 90/180-day. Confirm the specific borrowing entity holding the security (see points to note).
Blueoak Estates Ltd (inc. 2003) — turnover £21.9M → £29.3M → £16.2M (2021–24), pre-tax profit ~£1.0–1.3M every year, net assets £1.26M → £4.43M, cash £2.0M, stock/WIP £19.1M. Director Mark Roberts holds 10 active directorships across a large NW development group (Rula Developments/Homes, Coda, LCA Group).
| Charges (total / outstanding) | 17 / 2 |
| Outstanding lenders | Quantum Dev Finance, Homes England |
| Funding pedigree | Lloyds, Homes England, GMCA |
| CCJs | 1 · £212 · satisfied Nov 2021 |
Blueoak's own registered charges are Cheshire-based; the specific Manchester security was almost certainly held in a project SPV — confirm the borrowing entity on appraisal. Project→developer link (Barbour) and site match are solid; borrower→specific-title link is unconfirmed.