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Mount Anvil Completes on New £100M Development Scheme

"We're making the best of the recession." - Killian Hurley, Chief Executive, Mount Anvil.

"We're making the best of the recession."  -  Killian Hurley, Chief Executive, Mount Anvil.

Following hot on the heels of the successful launch of its acclaimed 'this space' regeneration development in Wandsworth, Mount Anvil has completed on a new development scheme at Central Street, London EC1 which has a development value of circa £109 million.

The two acre site has detailed planning consent for 274 homes, 170 of which will be for private sale.  There will be a mix of 1, 2 and 3 bedroom apartments, in seven blocks ranging from 5 - 10 storeys, with the views from the upper floors expected to be outstanding.  It also includes 4,500 sq metres of commercial space and a basement car park for 58 vehicles.  Located equidistant between Old Street and Barbican tube stations, the site offers excellent transport links and is close to both the City and Clerkenwell.

In what is certainly one of the largest land deals in Central London at the moment, Mount Anvil and its joint venture partner, One Housing Group, together with their funders, Allied Irish Bank and Lloyds TSB Corporate Markets, are displaying their confidence in the project and in the residential market as a whole.

Lloyds TSB Corporate Markets was delighted to provide Central Street Developments, the joint venture between the Mount Anvil Group and One Housing Group, a development finance facility of £24.5 million.

In December 2008 Lloyds also provided the Mount Anvil Group a £26 million facility for the purchase of a period conversion in the superb location of Barnsbury, Islington for over 100 flats and houses reflecting the Bank's confidence in the Mount Anvil team's ability to structure a robust development transaction at the most challenging point in the property cycle.

Relationship Director, Lawson Conroy of Lloyds TSB Corporate Markets who has worked with the Mount Anvil Group for three years to produce 250 residential units from two previous schemes at the East End Mission, Lime House and a site adjacent to the Olympic site in Stratford, comments:  "The Mount Anvil Group has shown a high degree of professionalism, sophistication and commitment in the areas of development management, construction, finance, design and marketing of residential housing."

The vendor on Central Street was a subsidiary of Bee Bee Developments Ltd and the price paid for the land was £26 million.  Demolition work has already started, with a completion date of June 2012.