- The finance will be used to develop a mixed-use scheme in Dollis Hill comprising of 113 residential units (including 24 affordable homes) and over 6,300 sq.ft. of commercial space;
- The area is famed for its rich history with the British Post Office Research Station which was the home of technological breakthroughs such as Ernie and the Colossus code-breaking computer of the Second World War;
- On average, a one-bedroom home in Dollis Hill goes for approx. £367k, while three-bedroom homes typically sell for £600k, making it much more affordable than Zones 1 and 2.
OakNorth – the bank for entrepreneurs, by entrepreneurs – has provided a £35.4m property development finance facility to Union Developments, the property marketing arm for schemes that are a collaborative work between the developer and like-minded architects, planners, builders, designers and branding companies.
The finance will be used to acquire Warranty House, an almost 100,000 sq.ft. site on Dudden Hill Lane, London, NW10 1DD, and in its place, develop four towers consisting of 113 residential units and more than 6,300 sq.ft. of commercial space. The property is located in the London Borough of Brent in Neasden and is less than a 5-minute walk to Dollis Hill Underground Station. The project will be managed by Findon Homes, the specialist project management company, which assists clients in sourcing of sites, obtaining planning permission, advising and negotiating with construction companies and managing the whole of the construction process up to completion and occupation of the project.
David Pollock, Director at Union Developments, said: “With its excellent transport routes and considerably more affordable homes than those in Zones 1 and Zones 2, Dollis Hill has become an increasingly popular area for young families and first-time buyers to plant roots. The team at OakNorth worked tirelessly to get the deal done and we thoroughly enjoyed being given the opportunity to discuss the scheme directly with the Credit Committee – who gave us an answer within an hour of the meeting. A refreshingly simple and efficient experience.”
Damien Hughes, Senior Director, Property Finance at OakNorth, commented: “David Pollock and his team at Union Developments have over 60 years’ of property experience between them, and an extensive track record of successfully bringing projects to fruition. They have completed numerous schemes of this size in London, with several more in the pipeline, so while there are few comparable schemes in the area, we’re confident they’ll get the demand they anticipate.”