A £16.2 million refinancing package has been finalized for a South London mixed-use property owned by the Patel family for more than three decades. The five-year loan, arranged by United Trust Bank, covers 61% of the property’s £26.9 million valuation, replacing an expiring debt structure with a fixed-rate arrangement designed to support the family’s long-term holding strategy.

The site, originally one of the UK’s largest photographic processing facilities, has since been transformed into a development featuring 24 residential apartments alongside approximately 18,500 square feet of office space. The refinancing secures financial stability while preserving the Patel family’s intention to retain the asset for future generations.

Jayesh Patel emphasized the significance of the transaction. “This property has been part of our family’s portfolio for more than 35 years and remains an important long-term asset for us, so finding the right funding partner was essential,” he said. “We wanted a solution which gave us certainty for the next five years without unnecessary complications. Gordon and the UTB team understood that from the beginning and worked together to deliver exactly what we required. We’re delighted with the facility and the way the transaction was handled by all parties.”

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Gordon Clements, a director at Morgan Allen Property Surveyors, highlighted the deal’s efficiency. “Our clients knew what they wanted from the outset—a competitive five-year facility from a lender that understood both the quality of the asset and their long-term plans for it,” he said. “UTB took a pragmatic and commercial approach, and the Structured Property Finance team at UTB were straightforward to deal with throughout. On a transaction of this size, having confidence that your lender understands the requirement and can deliver what it says it will, is hugely important. The process was smooth from start to finish.”

Andy Thomson, head of UTB’s real estate finance division, reinforced the focus on meeting the client’s straightforward requirements. “This was a substantial transaction but, importantly, the client’s requirement was actually very straightforward. They had a high-quality, well-established mixed-use asset which had been in the family for more than three decades and simply wanted a competitive, long-term funding solution delivered efficiently and with certainty.”