Case study: UTB supports south-west London apartment conversion with £24.4m of development funding

The £34m apartment conversion scheme in Hampton Wick is expected to take just over two years to complete.

Related topics:  Finance,  Development,  Case Study
Property | Reporter
19th June 2024
Contract 222
"We are committed to supporting housebuilders and developers like Westcombe Group which shares our passion for creating outstanding homes and building thriving communities"
- Paul Flannery - United Trust Bank

United Trust Bank is supporting Westcombe Group’s £34m Kingston Bridge House apartment conversion in Hampton Wick, South-West London.

The scheme will see the conversion of a two-block building, which was formerly offices and later a 218-room student accommodation facility, into 70 contemporary apartments. The layout of the building will enable Westcombe Group to deliver 22 units in phase 1 with the delivery of the 48 remaining units in phase 2 having minimal impact on the residents of the completed homes.

Family-owned property development, investment, and hospitality company Westcombe Group was established in 1974. In 2003 founder, Vraj Pankhania, handed the day-to-day management of the business to his sons, Kamal and Sunil Pankhania as Group Chief Executive and Group Operations Director and together the family have built one of the most successful and philanthropic Top 25 privately owned property development companies in the UK.

United Trust Bank is providing £24.4m of development funding towards the scheme which is being delivered in two phases and expected to take just over two years to complete. Once finished, the development will provide a range of apartments from studios to 3-bedroom units and have a combined GDV of £34m.

Kamal Pankhania, CEO and Managing Director of Westcombe Group, commented: “I have known Paul Flannery and Mark Stokes of United Trust Bank for over eight years. We're pleased to secure this financing, growing our relationship with the Bank and helping us in our journey to become one of the leading specialist property developers in the UK.

"We're committed to continuing to preserve historic buildings across the country, creating housing and other developments for local communities."

Paul Flannery, Senior Director – Property Development – United Trust Bank said: “UTB are delighted to support another of Westcombe Group’s exciting projects and to once again work with Kamal, Sunil and the team in creating high-quality new homes from buildings which have fallen out of use. We are committed to supporting housebuilders and developers like Westcombe Group which shares our passion for creating outstanding homes and building thriving communities.”

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