Investec provides City & Docklands with loan for One West Point

The facility for One West Point, which refinances an existing loan, is the sixth transaction between Investec and City & Docklands.

City & Docklands has secured the investment facility from Investec for its One West Point development | BTR News
City & Docklands has secured the investment facility from Investec for its One West Point development.

Investec Real Estate has announced that it has provided London-based developer City & Docklands Group with a £50m investment loan for its One West Point development in West London.

Completed in 2022 and 100% occupied, One West Point is London’s tallest residential tower outside of Canary Wharf that offers panoramic views across London. The development includes 149 one- and two-bedroom apartments in a mix of Build to Rent and for sale.

One West Point in West London | City & Docklands | Investec | BTR News
One West Point in West London.

The scheme forms the second phase of One West Point, a 54-storey residence located in the heart of the North Acton/Old Oak & Park Royal (OPDC) regeneration area.

“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.”

Ian Burdett, Investec Real Estate

Amenities at One West Point include a 5,000 sq ft gym and holistic studio, Tian Tian Asian supermarket, landscaped gardens, a residents’ app and 24hr concierge.

One West Point in West London | City & Docklands | Investec | BTR News
One West Point in West London.

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%.

“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 Build to Rent 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.”

Gary Sacks, CEO, City & Docklands

A longstanding client across the wider Investec bank, City & Docklands has delivered 18 successful schemes totalling over 3,555 apartments since 2000.