City & Docklands
Investec provides City & Docklands with £50 million investment facility secured against iconic West London residential tower
Investec Real Estate announced that it has provided City & Docklands Group (“City & Docklands”), the London property developer, with a £50 million investment loan, secured against 149 newly completed luxury apartments at One West Point, a landmark residential scheme in West London. The facility, which refinances an existing loan, is the sixth transaction between the two parties.
Completed in 2022 and 100% occupied, the 149 one and two bed apartments, for rent, form the second phase of One West Point, an iconic 54-storey residence located in the heart of the North Acton/Old Oak & Park Royal (OPDC) regeneration area. London’s tallest residential tower outside of Canary Wharf offers panoramic views across London and features a 5,000 sq ft gym and holistic studio, Tian Tian Asian supermarket and landscaped gardens, while a residents’ app and 24hr concierge ensures life at One West Point is as connected and seamless as possible.
A longstanding client across the wider Investec bank, City & Docklands is one of London’s leading developers, having delivered 18 highly successful schemes totalling over 3,555 luxury apartments since 2000.
Despite growing demand for housing in London, the supply of new residential developments has fallen substantially. Compared with the 2015 peak, private starts on site are currently 60% down, planning permissions on private sites over 20 units are also down 60% and new applications are down 70%.1
Ian Burdett at Investec Real Estate, commented:
“Living continues to be a conviction sector for us due to its compelling supply/demand fundamentals. The London market remains particularly constrained and in City & Docklands we have a partner that has a track record of delivering highly successful mixed tenure projects.
“One West Point is already an iconic sight on the West London skyline and the speed at which it has been occupied is testament to the quality of the finished asset. Building on our strong, longstanding wider bank relationship with City & Docklands, this latest facility demonstrates our competitiveness in the refinancing space, which we anticipate continuing to be a significant part of our loan origination in 2024.”
Gary Sacks, CEO at City & Docklands, commented:
“As always, working with Investec on this refinance was a pleasure. Their commercial approach to the transaction was refreshing in a market where financing real estate has become increasingly difficult. The debt package provided has enabled us to fully stabilise our BTR offering so we can build our inhouse management brand AWOL whilst continuing to offer a five star service to our tenants. We are pleased to add another successful deal to our ongoing relationship with Investec Bank.”