Forsters advises on £55 million investment deal for OakNorth Bank plc
Forsters' market leading Real Estate Finance team has advised long standing client OakNorth Bank plc. The team, led by partner Victoria Edwards, advised on a £55 million investment facility to Paradigm Land for its 288-home development at Gunnersbury Park in Brentford.
Working with Victoria was Senior Associate, Dominic Lintner. Advising on the Real Estate aspects of the deal was Commercial Real Estate Partner, Ben Brayford, and Senior Associate, Alexandra Burnaby.
The scheme is only 10 miles from Heathrow Airport and a short walk from the famous Kew Gardens and Kew Bridge train station. The investment facility from OakNorth Bank will support the sale and letting of the remaining units in a major mixed-use development, comprising 288 apartments, 18,500 sq. ft. of modern office space, and 220 private parking spaces.
The apartments overlook the 180-acre, Gunnersbury Park, with residents also benefitting from a 24-hour concierge service, gym, cinema, roof terrace, games room, residents lounge and bike storage.
Josh Garside, Managing Director of Paradigm Land, said: “The area surrounding Parkview is in the midst of a multi-million-pound regeneration project, which will see a major supermarket, fashion boutiques, a cinema and arts centre added to the local high street, as well as improvements made to the Brentford Community Stadium, home to newly-promoted Brentford FC. Extensive landscaping and green space are also being added to the area, allowing for new pedestrian and cycle routes, increasing the attraction for renters and buyers alike. In order to capitalise on this, we needed a funding partner with knowledge of the London property market and a willingness to be flexible whilst we let the remaining units. This is what OakNorth Bank provided us with, so despite it being a competitive process, their flexibility and commercial mindset is why we ultimately went with them. Bringing the scheme forward in the current environment has not been without its challenges and I must express my gratitude to our best in class management team and OakNorth Bank who have supported our business for the fourth time with this transaction.”
Damien Hughes, Senior Director of Property Finance at OakNorth Bank, added: “Given its proximity to several train stations and two major parks, its attractive rental prices, and its range of amenities including a gym, cinema, games room and meeting spaces, it’s not surprising that almost two thirds of the units have already been let. As a result of pandemic lockdowns, we have a newfound appreciation for our green spaces and being outdoors, so the fact that this development is close to both Kew Gardens and Gunnersbury Park, and offers outdoor space in the form of a roof terrace, means it appeals to young professionals and families. This transaction provided us a with a great opportunity to once again support an experienced property developer and we look forward to working with Josh and the Paradigm team again on future developments.”,>
Banking and Finance partner, Victoria Edwards, commented: “It was fantastic to be part of the OakNorth team supporting Paradigm in giving them the breathing space they needed for this fabulous project in Gunnersbury Park near Kew Bridge.”