Investment group Terrace Hill has agreed a refinancing deal with Alliance and Leicester for its commercial property development in Victoria, it has been reported.
According to Property Week, funding for Terrace Hill’s plans for new offices in London has been granted by Alliance and Leicester, meaning the scheme can go ahead.
The £27.45 million refinancing deal replaces the one that had been in place with Hypo Real Estate and has enabled Terrace Hill to take advantage of lower medium-term interest rates currently available.
The project will see Terrace Hill deliver 66,000 square feet of commercial property floor space in Victoria, with over a third of that to be taken up by energy firm E.ON’s offices in London.
Last month, Terrace Hill revealed it had gained planning permission for a new commercial development in London Victoria.
The project will provide eight floors of offices in London and will include a number of energy efficiency features, such as a combined heat and power boiler and a ground source heat pump system.