Regal London has completed on a £29.2m loan from OakNorth Bank for a mixed use development in Clapham North SW9.
The project will be conducted with joint venture partner and global investment firm KKR. The scheme, close to Stockwell and Clapham North underground stations, consist of 62 residential units 12 of which will be affordable properties plus 17,000 sq ft of commercial space.
Regal London Investment and Legal Director, Marc Eden, says: “Clapham is a part of London that has changed dramatically in the last 20 years. It is now extremely popular amongst families, young professionals and downsizers, with average flat prices being almost a third more than they were just five years ago.
“Last year, we entered into an exclusive strategic joint venture relationship with KKR which has enabled us to continue building on the company’s successful track record of delivering much needed high-quality housing, retail and office space in the capital. With this finance from OakNorth, we will be able to continue on that mission in one of the most in-demand areas of London.”
Clapham has indeed been popular as a London residential location for many years. However, the market here has fallen of late – Clapham (Wandsworth) prices fell 3% in 2018 while prices rose 2.6% nationally. The fact that the area is receiving this level of developer investment right now could support an argument that a turning point is in sight.