W.RE has secured a £58m senior debt facility from Fiera Real Estate Debt Strategies to refinance the iconic Arding and Hobbs building in London’s Clapham Junction.
The property, which is located directly opposite Clapham Junction station, was acquired by W.RE in 2018 when it was fully occupied by Debenhams until the retailer entered administration in 2019.
W.RE has undertaken a comprehensive refurbishment and repositioning of the property, which had fallen into disrepair, turning it into a dynamic mixed-use space, while preserving key architectural features and adding a landscaped roof terrace offering panoramic views of London.
The building offers more than 36,900 sq ft of fully let retail, restaurant, and gym space across the basement, ground, and first floors and nearly 74,000 sq ft of office space across its four upper floors, which is partially let.
The tenant line-up includes flexible workspace provider x + why, luxury gym operator Third Space, Italian delicatessen Prezzemolo & Vitale and Botanica Hall restaurant.
Andrew Haines, COO of W.RE, said: “We are delighted to complete the refinancing of Arding & Hobbs, our first loan with Fiera. Richard [Howe] and the team were excellent, closing the transaction in less than six weeks from agreeing terms. The building has attracted some fantastic tenants, as well as receiving significant support both locally and nationally for the sustainable repurposing of such an iconic building. We look forward to working with Fiera on the property over the coming years.”
Richard Howe, co-fead of Fiera’s European real estate debt business, added: “This transaction aligns perfectly with our core-plus mandate, where we focus on lending against well-located, high-quality real estate projects with a clear pathway to stabilisation. The Arding & Hobbs building is iconic, and the recent five lettings validate the strength of the leasing strategy. This success is a testament to the outstanding development work undertaken by W.RE.”
