OakNorth Bank and ASK co-lend £41.5m to support Tailored Living Solutions’ office development

By Bridging Loan Directory 1st February 2023

OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, and real estate funding specialist, ASK Partners (“ASK”), have provided a £41.5m loan to Tailored Living Solutions, to fully refinance an existing development loan on its Great Suffolk Yard project.

Located in London’s popular Borough area, the site, acquired by Tailored Living Solutions in May 2020, includes three office buildings set around a central cobbled courtyard.

The buildings consist of c.65,000 sq. ft of Grade A BREEAM excellent standard office space, with facilities spread across six floors and four roof terraces, including secure cycle parking for 100 bicycles, and shower and locker facilities.

Retaining much of the building’s industrial heritage, including warehouse-style interiors and exposed brickwork throughout, the site’s office areas are delivered pre-dominantly as CAT-A spaces, with c.10% of the area fitted as flexible co-working options.

Two of the buildings are linked by a common core from floors one to five, and diverse floorplate sizes also offer flexibility for varying tenant requirements.

The development is only a five-minute walk away from both Borough and London Bridge underground stations, with over 500 eateries also within a one-mile radius of the development.

Founded in 2012, Tailored Living Solutions specialise in creating bespoke new-build homes and commercial, co-working spaces across London.

The bespoke private development company has a wealth of experience that spans all aspects of the property industry including, land sourcing, high-quality planning and construction solutions.

Josh Chadd, Managing Director of Tailored Living Solutions, commented:

“Since our launch in 2012, we’ve been dedicated to providing high-quality planning and construction solutions for London’s real estate market.

Our Great Suffolk Yard project has seen the current group of buildings transformed through the re-use and extension of the existing site, along with the construction of new buildings, to create a collection of modern workspaces in a prime location at the heart of Borough & Bankside.

The ability of OakNorth and ASK to create a truly bespoke package that provided all our funding requirements under one facility has been invaluable.”

Lucas Anglin, Associate Director at OakNorth Bank, added:

“We’re delighted to once again have the opportunity to support one of the most exciting developers operating within London’s real estate market.

Great Suffolk Yard’s popular location makes it the ideal destination for anyone looking to get the most out of city life and it’s highly encouraging to see the site gaining an ‘Excellent’ BREEAM rating.

We look forward to continuing to support Tailored Living Solutions with its future projects.”

Joshua Weinstein, Head of Institutional Markets at ASK, said:

“We are seeing the gap widen in the office market between the top end and those with lower ESG credentials.

The flight to quality is becoming very apparent as businesses look to lower energy bills, future proof their move and attract staff back to the office with better facilities and strong locations.

We were very pleased to co-lend with OakNorth to refinance Tailored Living Solutions’ Great Suffolk Yard scheme which ticks all these boxes and provide them with a flexible funding solution to help meet their business objectives for the site.”