Sable Capital acquires Wickside BTR development

Sable Capital acquires the Wickside Build to Rent development in Hackney Wick, London from O’Shea Group and Galliard Homes.

The Wickside Build to Rent development in Hackney Wick. Sable Capital has acquired the scheme from O’Shea Group and Galliard Homes | BTR News
The Wickside Build to Rent development in Hackney Wick. Sable Capital has acquired the scheme from O’Shea Group and Galliard Homes.

UK real estate company focused on the living sectors – Sable Capital – has acquired Wickside, a Build to Rent development in Hackney Wick from O’Shea Group and Galliard Homes who will deliver the project. Sable Capital has used capital from its UK Build to Rent Fund for the acquisition.

Sable Capital was advised by BCLP and Cushman & Wakefield and Galliard and O’Shea were advised by Howard Kennedy LLP.

The Wickside Build to Rent scheme includes 176 apartments in a mix of one-, two-, and three-bedroom apartments, in addition to a range of duplexes and townhouses. All residents will benefit from having either a private balcony or terrace. The first apartments are expected to be delivered in 2025.

The development is arranged around a series of courtyards and squares with interconnecting streets, promenades, and a linear park defining an entire new canal-side community. 

Wickside will provide a residents-only lounge area and rooftop gardens. Hundreds of jobs will also be created from the scheme’s other uses including an art gallery, shops, canal-side restaurants and bars, a foundry, co-working space and creative studios.

The scheme will also deliver a new bridge to Fish Island and a new access way to Hackney Wick station, which is located 150 metres from the site.

“We are delighted to partner with Sable Capital on the Hackney Wick Build to Rent development. Wickside represents a unique opportunity to blend modern living with the rich industrial heritage of the area. This project will not only provide high-quality homes but also creates a vibrant community hub with a variety of amenities and public spaces.”

A joint statement from Stephen Conway, CEO and Executive Chairman of Galliard Homes and Rory O’Connor, Executive Chairman of O’Shea Group
The Wickside development | BTR News
The Wickside development.

The 8.4-acre site will retain several existing heritage assets to ensure its industrial history is reflected strongly in the scheme.

The Wickside development is located between Hackney Wick overground station and the Hertford Union canal.

“While rental inflation is cooling, year-on-year rental growth remains historically high compared to the pre-pandemic years. The rolling number of new applications, permissions granted, and construction starts across London in Q1 2024 were all more than 60% below their previous peaks according to Molior. We expect the lack of supply relative to demand will keep rental inflation at a level above the long-term average and supported by ongoing wage growth.

“This is a highly appealing site in close proximity to Hackney Wick overground station and conservation area, sitting to the north of the Hertford Union Canal and between the 213-acre Victoria Park and the 560-acre Queen Elizabeth Olympic Park. We are confident that Wickside will provide the very best of London Build to Rent living and are looking forward to working with O’Shea and Galliard to deliver this major regeneration landmark.”

Hugo Black, Partner, Sable Capital

Sable Capital is targeting Build to Rent investments in multifamily, co-living, single-family and senior living across the UK.

This investment follows on from the company’s acquisition of a residential development site adjacent to New Covent Garden Market in Nine Elms, where construction is underway to deliver a 26-storey tower. It will include 201 homes for private rental alongside retail and amenity space, including a podium garden.