Private real estate company Ziser London is to convert Fulham Town Hall into a new luxury hotel after inking a deal to acquire the historic Grade-II listed building.
The company secured a £10m loan from Oaknorth to help fund the acquisition and will now plough on with a transformation project that will see new restaurants, event space and a spa come to fruition alongside the new hotel.
The loan was arranged by debt advisor and asset manager, BBS Capital, with a development finance facility due to be arranged in due course.
Knight Frank also advised on the deal.
Located on London’s Fulham Road, Fulham Town Hall was built between 1888 and 1890 and extended between 1904 and 1905, for a cost of £30,000 at the time.
Originally designed by George Edwards, it is one of the most architecturally significant buildings in Fulham sitting within the Walham Green Conservation Area.
It historically functioned as a traditional Town Hall but was underutilised following the merger of the boroughs of Hammersmith and Fulham in 1965, after which it was used for administrative work, as a registry office and for events.
Fulham Town Hall boasts period features including a Portland stone façade, stained glass windows, high ceilings, grand halls and former offices, and the planned redevelopment will preserve these original features.
Rory Penn, head of Knight Frank’s Private Office, added: “This landmark sale is the culmination of a carefully targeted marketing campaign initiated by VanHan before being transferred to Knight Frank, the deal reveals the ongoing confidence of private wealth in commercial property investment.”
Joanne Barnett of BBS Capital, commented: “Our excellent working relationship with OakNorth was key to closing this deal for our client. Arranging the finance had the potential to be challenging, because planning permission to transform Fulham Town Hall into a hotel has not yet been granted. However, OakNorth understood the vision and opportunity enabling us to secure funding to support the purchase of the property for our client.”