The Opportunity

Reditum acted as intermediary for the Bishops Portfolio transaction, a twelve month bridge loan secured against two high-quality residential assets on a highly desirable street in an affluent North London suburb,  in early 2019. The bridge loan allowed the borrower to bring one of the properties to market and complete on the sale at a larger than expected profit. Reditum investors were then able to redeem the full loan ahead of schedule. 

The Market

The Bishops Avenue is considered to be one of the wealthiest streets in the world, comparable to a select few ultra-exclusive roads in such other affluent locations as Beverly Hills, Monaco and Hong Kong. The road is a favourite with the international ‘über-rich’ and is often referred to by its nickname of “Billionaires’ Row”. The avenue is within closer proximity to Hampstead and Highgate golf clubs, Highgate Wood, Kenwood House and Hampstead Park. Average property prices on the avenue surpassed £1 million in the late 1980s and each property occupies a 2-3 acre plot. In 2006, the smallest houses in the street were selling for £5 million while a larger house, Turkish tycoon Halis Toprak’s 30,000 ft2 (2,800 m2) Toprak Mansion, sold amidst great secrecy to the President of Kazakhstan, Nursultan Nazarbayev, for £50 million in January 2008, making it one of the most expensive houses in the world, as listed by Forbes magazine. Homes on the street are on the market for up to £65 million.

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