OakNorth completes £9m development finance loan
OakNorth – the bank for entrepreneurs, by entrepreneurs – has lent £9.2m to Snowden Developments Ltd., a new property development subsidiary from the family behind Jaysam Contractors Ltd. which has worked on numerous residential projects in North West London with a combined GDV of c.£100m.
The loan will be used to develop Fanuc House, a two-storey office building located at 1 Station Approach in Ruislip, a town in the London Borough of Hillingdon, into a four-storey residential site with 40 apartments. The borrower obtained planning permission for the project in July and will develop 12 Studio flats, 19 1-bed flats and 9 2-bed flats with associated car parking, amenity space and landscaping. As the name of the street would suggest, the site is located a stone’s throw from Ruislip underground station (Metropolitan and Piccadilly Lines), giving commuters easy access to the west end in just 30 minutes. The site is located near several outdoor green spaces, such as Ruislip Common, the Ruislip Lido and beach, and the Ruislip woods national nature reserve. The interior design of this project will be managed by Jaysam Contractors, who have over 25 years’ experience in bespoke designing, producing and installing luxury interiors for retail, commercial and residential properties with their 150-strong team.
Samji Patel, Director of Snowden Developments Ltd., said:
“With its easy access to the west end and oasis of greenery, Ruislip has become increasingly popular for first-time buyers and young families. The location of this specific project is easily accessible, being less than a minute’s walk from the tube station, as well as several shops and restaurants. We anticipate strong demand so were keen to get started as soon as we received planning permission. Having worked with OakNorth before, we knew they’d be able to deliver in the timeframe required and that the transaction process would be simple and seamless.”
In a joint statement, Deepesh Thakrar, Debt Finance Director, and Ben Barbanel, pictured, Head of Debt Finance at OakNorth commented:
“Since our launch in September 2015, we have worked with several developers on projects in London, but this is our first in Ruislip and one that will bring some much-needed new homes to the area. Samji Patel and his family have decades of experience in developing in North London, and have worked on projects for some of the country’s wealthiest individuals. We look forward to continuing to strengthen our relationship with them and look forward to seeing the development once completed.”