The purchase is for a proposed new residential development.
The 12-month bridging facility will support the acquisition of the five-storey building, main station concourse, a ground-floor retail parade, four upper storeys of office space, and the ticket office of Milton Keynes train station.
The property has planning permission in place to convert the existing office space into 200 residential units, while retaining the ground-floor station and retail space.
- As an industry, we have to 'constantly take stock'
- Pluto Finance launches term loans for landlords
- Pluto Finance completes £13m development exit bridging deal
The location, once developed, is said to be ideal for local workers and commuters into London.
Justin Faiz, partner at Pluto Finance, commented: “We are delighted to have completed the acquisition funding for this proposed development which has so much potential being ideally located.
“This was a complex agreement, including the purchaser’s acquisition of a company and a number of long leases to be considered, however the loan credit was approved and funded within four weeks, with the entire team coordinating from home.”
Pluto is currently funding the development of over 2,000 homes in the UK.