- The Borrower’s strategy is to finalise the scheme design and obtain Gateway 2 approval from the BSR, which is required under the UK’s Building Safety Act for all high-rise buildings in London, prior to commencement of works
- For details of the consented scheme – including CGIs and floorplans – please refer to Appendix 2
- LRA Retinue (“LRU”) has been appointed as architects to lead the further design works and this will form the basis of the Gateway 2 application, which will be managed by JJR (the lead designer)
- Based on the current programme, the target is to submit the application by the end of March 2026 and the Borrower is targeting to obtain approval from the BSR within six months of submission (by the end of September 2026)
- Should the Gateway 2 application be subject to delays, there is a six-month extension option under the loan agreement that can be exercised if the loan is performing. In this scenario, the Borrower will be required to service the loan interest from equity for the duration of the extended term
- Once the Gateway 2 approval is in place, the Borrower’s strategy is to commence works and build out the co-living unit scheme alongside JJR
- Prior to commencement of the works, the Borrower will finalise its funding for the construction phase and the ASK loan is expected to be refinanced by a new development facility