OakNorth Bank and ASK co-lend £41.5m to support Tailored Living Solutions’ Great Suffolk Yard Grade A office development in Southwark, London.
OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, and real estate funding specialist, ASK Partners (“ASK”), have provided a £41.5m loan to Tailored Living Solutions, to fully refinance an existing development loan on its Great Suffolk Yard project.
Located in London’s popular Borough area, the site, acquired by Tailored Living Solutions in May 2020, includes three office buildings set around a central cobbled courtyard. The buildings consist of c.65,000 sq. ft of Grade A BREEAM excellent standard office space, with facilities spread across six floors and four roof terraces, including secure cycle parking for 100 bicycles, and shower and locker facilities. Retaining much of the building’s industrial heritage, including warehouse-style interiors and exposed brickwork throughout, the site’s office areas are delivered pre-dominantly as CAT-A spaces, with c.10% of the area fitted as flexible co-working options. Two of the buildings are linked by a common core from floors one to five, and diverse floorplate sizes also offer flexibility for varying tenant requirements. The development is only a five-minute walk away from both Borough and London Bridge underground stations, with over 500 eateries also within a one-mile radius of the development.
About Tailored Living Solutions: Founded in 2012, Tailored Living Solutions specialise in creating bespoke new-build homes and commercial, co-working spaces across London. The bespoke private development company has a wealth of experience that spans all aspects of the property industry including, land sourcing, high-quality planning and construction solutions.