OakNorth – the bank for entrepreneurs, by entrepreneurs – has provided a £29.2m property development finance facility to Regal London, one of London’s leading developers whose portfolio includes The Avenue and Shoreditch Exchange, part of which has been pre-let to WeWork on a 20-year lease.
The finance will be used to develop a site located at 340a Clapham Road, London SW9, into a mixed-use scheme spread across eight floors.
The scheme is proposed to comprise of 62 residential units (including 12 affordable homes) with commercial space on the Lower Ground and Ground Floors. The site is located within a 5-minute walk to Stockwell and Clapham North underground stations, providing swift access to central London.
Regal London was co-founded by Paul Eden and Simon De Friend in 1998. Over the last twenty years, it has grown into one of the capital’s leading residential-led mixed-use property development businesses with 1,750 completed residential units and a further 1,500 in the pipeline. The company implements all its developments through an in-house team made up of 120 people and between them, Paul and Simon they have more than half a century of experience in the property sector.
Regal London’s Investment and Legal Director, Marc Eden, said: “Clapham is a part of London that has changed dramatically in the last 20 years since we founded Regal London. It is now extremely popular amongst families, young professionals and downsizers, with average flat prices being almost a third more than they were just five years ago.
“Last year, we entered into an exclusive strategic joint venture relationship with KKR which has enabled us to continue building on the company’s successful track record of delivering much needed high-quality housing, retail and office space in the capital. With this finance from OakNorth, we will be able to continue on that mission in one of the most in-demand areas of London.”
Damien Hughes, Property Finance Director at OakNorth, commented: “This scheme will being some much needed new homes and offices to Clapham North – the area has increased in popularity over recent years, attracting buyers with its beautiful Victorian family homes and the fact that it is located just off Clapham Common, with both the Northcote Road and Clapham Old Town within easy reach. We look forward to working with the team at Regal London on additional schemes in the future.”