Supporting the conversion of a Harrow office scheme into residential apartments

The development

This scheme involved the conversion of a 1960s office building in Harrow into 73 residential studio apartments across six storeys. 

The existing building underwent a full external refresh, replacing ribbon windows and blue spandrel panels with modern insulated grey panels and upgraded glazing. The result was a clean, modern residential scheme with gated access, 36 parking spaces, cycle storage for 75 bikes and electric vehicle charging provision. 

Set within a largely residential area, the development benefits from strong transport links and easy access to Harrow town centre, with Harrow-on-the-Hill and Harrow & Wealdstone stations both within walking distance. 

The funding requirement

The developer secured senior funding from Aldermore Bank but required additional capital to support build costs and complete the funding structure. 

As with many office-to-residential schemes, the senior facility did not cover the full development requirement, creating the need for a mezzanine layer to help maintain progress and keep the project on track. 

The funding solution

Property Box Finance provided a £1.3m mezzanine facility structured behind the senior lender. The funding supported the conversion works through delivery, helping the developer progress the scheme efficiently whilst retaining flexibility across the wider capital stack. 

The outcome

The scheme has now completed and has been retained by the developer as a long-term rental asset. It reflects the continued role office-to-residential conversions can play in delivering well-located housing, particularly where strong transport, local amenities and rental demand support long-term value. 

Scott Arnot, business development director at Property Box Finance, said: “This was a well-positioned conversion scheme with a clear rental strategy from the outset. Our role was to provide an additional layer of funding alongside the senior lender to support delivery and help bring the scheme through to completion.”