Cheyne Capital lends €120m for mixed-use development in London

Cheyne Capital Management has provided a £103 million (€120 million/$139 million) senior loan to finance the acquisition and development of a residential led mixed-use scheme in Vauxhall, London.

The 279,900-square-foot site — named Graphite Square — is located within the Vauxhall, Nine Elms & Battersea Opportunity Area and will provide new homes, workspace and amenities for the area. Planning permission has been granted by Lambeth Council for 160 new one- to three-bedroom private homes, 50 of which will be affordable, as well as more than 80,000 square feet of workspace and 400 square feet of retail. The affordable housing units have been sold already, and the office space has been pre-leased on a 12-year lease.

In addition to aiming for a BREEAM rating of Excellent and EPC rating of A, the scheme will include solar photovoltaic panels, air source heat pumps, ample cycle storage, green spaces and a children’s play area. Importantly, the affordable homes w