Avanton has secured additional funding from Silbury Finance to expand THE BeCa
development on Old Kent Road by adding 5 storeys and 30 more residential units,
increasing its existing £68m facility.
Avanton has successfully obtained planning approval for an additional 30 residential
units, necessitated by the inclusion of a second staircase to ensure compliance with
current regulations. The development now consists of 170 units distributed across two
buildings of 14 and 18 storeys, with an adjusted Gross Development Value (GDV) of
approximately £160 million.
Omer Weinberger, CEO at Avanton commented: “We are pleased with the result and
collaboration we have with Silbury and HGP. Avanton successfully implemented several
value-engineering initiatives and negotiated a new construction contract following the
insolvency of the main contractor in 2023. The scheme now will be brought forward with
handovers expected in Q2 2026, with over 40% of the homes pre-sold. Silbury’s ongoing
support and flexibility, along with their strong funding and committed capital, enabled a
significant advancement in the project. We are very pleased to maintain forecasted
profitability as well.”
Gavin Eustace, CEO of Silbury Finance commented: “This is a superb outcome for a
strong client of ours. 2024 has been a difficult year for many areas of the industry.
Silbury recognise that requirements can change and being able to adjust our lending on
offer to support our existing client base is paramount to a successful relationship. We
continue to see an active array of strong deals being presented to the business and are
very positive that 2025 will return to more stable market conditions”.
James Hutchinson, Investment Director at HGP said: “HGP is delighted that Avanton
was able to expertly steer the project through the planning process to enhance value
and drive the project forward. Against a difficult market backdrop Silbury demonstrated
supportive funding partner behaviours throughout and we look forward to seeing the
scheme come forward.”