Mera Investment Management has completed an acquisition facility to enable the purchase of Greyfriars House, an eight-storey vacant office building located a short walk from Reading train station.
The borrower, Elder, submitted plans to transform the property into 266 co-living units, and the loan was completed in four weeks.
Mera Investment Management worked with James Gray of ARE Capital Advisors, acting on behalf of Elder, to ensure a smooth completion process.
Elder has been in close consultation with Reading Borough Council and other stakeholders to advance plans for the town’s first co-living scheme.
They are proposing 266 rooms, with flexible lease options, and shared amenity spaces including a rooftop garden and terrace.
Edward Matthews, CEO of Mera Investment Management, said: “We are pleased to have played a role in supporting Elder’s exciting plans for Reading town centre.
“The redevelopment of Greyfriars House seeks to provide a new category of affordable accommodation to the area, a move which is welcomed by many, and we are proud to be involved in a scheme which could become high quality new homes for young professionals and key workers.’’
Ed Marsh, director of Elder, said: “Following a constructive pre-application process with the council and positive engagement with the community and key stakeholders, it is clear that there is strong potential to introduce a new, flexible housing model in the heart of Reading.
“With rising affordability challenges for young professionals and key workers, delivering high-quality, well-located housing solutions is more important than ever.
“Mera Investment Management was the ideal lender partner for us.
“Traditional high street funding options aren’t available for vacant offices anymore; the Mera team got behind this project and provided a high level of service to us and our legal team, which ensured our acquisition completed on time.”
James Gray, CEO of ARE Capital Advisors, added: “ARE Capital Advisors are delighted to have supported Elder in securing this crucial financing for the first stage of the transformation of Greyfriars House.
“This project exemplifies the innovative and strategic approach needed to unlock the potential of underutilised commercial buildings, particularly in high demand areas such as Reading.
“Mera’s ability to swiftly provide a tailored funding solution was instrumental in ensuring the acquisition was completed on schedule.
“We look forward to seeing this development come to life and contribute to much needed housing in the region.”
