Pluto Finance has a completed a £12 million Senior Development Loan for a residential-led mixed-use scheme by Dominvs Group on the site of The Fox public house in Palmers Green, London N13.
The 0.64-acre site at One Fox Lane was acquired by Dominvs Group in September 2018. The loan facility from Pluto Finance will enable the redevelopment of the two existing commercial units, along with the development of 54 new one- and two- bedroom apartments, 16 of which will be affordable homes. One of the existing commercial units has been pre-let to a gym provider and The Fox public house, let to Star Pubs & Bars, will be redeveloped with the retention of the existing façade.
Simon Chapman, Lending Director at Pluto Finance, comments: “In the context of these wider uncertain times, the delivery of the scheme would have been delayed if it weren’t for the hard work of all parties involved. We are delighted to have completed the development loan for this new client to provide much-needed new housing for the area and look forward to a long working relationship with the Dominvs team.”
Shona Pushpaharan, Head of Capital Markets and Investments at Dominvs Group comments: “Situated less than a 5-minute walk from the train station which provides a 20-minute direct link into Central London, Palmers Green has become increasingly sought-after by first time buyers, individuals and families. With a number of sizeable and interesting parks and a growing number of restaurants and cafes, our development of One Fox Lane will provide the area with a real boost of new homes for sale, along with other amenities.
“Thank you to the Pluto team for their dedication in this is extraordinary time, we very much look forward to working with the team again.”
Pluto Finance has been actively lending since 2011 and is currently funding the development of over 2,000 new homes in the UK.