Investec is putting £30m towards this Fulham development

 
Helen Cahill
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Most of the apartments will be sold for less than £1m (Source: Investec)

Invetec is providing a £30m financing facility to developer Meyer Homes for the construction of 58 new homes in Fulham.

The 24 month facility will also go toward the building of 9,000 square feet of retail space. In total, the plot is across one acre on Fulham High Street. The development will comprise 48 apartments - six affordable - and ten townhouses.

Read more: London house prices edged closer to £500,000 in November

Ninety per cent of the flats will be sold for less than £1m, but the townhouses will likely be on the market for over £2m.

Construction has already started and the development is is expected to be finished in 2018.

Stephen Martin at Investec said: "Funding prime residential development in London is an area we have significant experience in. The opportunity to partner with a globally funded real estate developer such as Meyer Homes on a prestige development, in a strong location and at attainable pricing, is a welcome one.

Read more: Number of new homes registered in London dropped by a third last year

“The result of the recent referendum, as well as the punitive stamp duty land tax surcharge introduced by the last government, has seen temporary falls in investment in prime residential; however, 2017 is likely to see plenty of opportunities for flexible and innovative lenders like ourselves to work alongside ambitious developers such as Meyer Homes to deliver schemes like this one, and take advantage of a reduced supply of this type of product”

The number of new homes registered in 2016 dropped by a third due to the Brexit vote and higher stamp duty rates on homes worth more than £1m. Developers such as Barratt have had to cut prices due to a lower demand for high-value properties in the capital.

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