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OakNorth Funds £48.3m Loan for Vabel’s Queensway Development

OakNorth Funds £48.3m Loan for Vabel’s Queensway Development
  • Vabel, established in 2009, has completed over 300 homes across London.
  • Recent projects include sites in Seven Sisters, Kentish Town, and Fitzrovia, with another in Blackheath nearing completion.
  • The £48.3m loan from OakNorth will fund a mixed-use development in Queensway, featuring 27 private residential apartments, commercial and retail spaces, and parking.
  • The Queensway development is part of a £3bn transformation project aimed at delivering over 350 new homes by 2026.

OakNorth, a digital bank tailored for entrepreneurs, has provided a £48.3m loan to Vabel, a London-based developer, for a new mixed-use project at 28-34 Queensway, West London. The project, set to complete by Q4 2025, will include 27 new homes, a 24-hour concierge service, landscaped communal gardens, and 251 sqm of ground-level retail space.

Vabel, founded by Daniel Baliti and Jeremy Spencer, aims to revolutionise the quality of new build homes through an integrated approach that combines in-house architecture, interior design, project management, and construction. The company employs approximately 40 professionals who collaborate within this innovative model.

Vabel’s projects are distinguished by their focus on sustainable construction. They utilise renewable technologies such as LED lighting, aerated taps, heat recovery ventilation systems, solar panels, and thermally efficient glazing. Their upcoming Blackheath development will feature a ground source heat pump system, and they aim to recycle building materials and retain existing building fabric whenever possible.

Co-founders Jeremy Spencer and Daniel Baliti expressed their excitement about the Queensway project: “We are thrilled to contribute to the area’s evolution through exceptional architecture and homes. Queensway is re-energising as a vibrant community, and we’re proud to be part of this transformation. This is our largest project to date, and we appreciate OakNorth’s support and understanding of the London real estate market.”

Deepesh Thakrar, Senior Director of Debt Finance at OakNorth, added: “Vabel has a proven track record of successful projects across London, even during challenging market conditions. Their integrated operational model and responsible development approach stood out to us. We’re delighted to support their growth and bring new homes to a revitalised central London area.”

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BDC 318 : Jul 2024