Vabel has secured a £48.3m loan from OakNorth to develop a major new residential-led scheme at 28-34 Queensway in West London.
The development will provide 27 new homes, 251 sq m of ground floor retail space and fully landscaped communal gardens for residents. The project is scheduled to complete by Q4 2025.
Jeremy Spencer and Daniel Baliti, co-founders of Vabel, said: “We are excited to bring our experience and learnings to this exciting address and make a positive contribution to the area through designing and delivering exceptional architecture and homes. With significant redevelopment of Queensway underway, the area is re-energising its reputation as a vibrant, multi-faceted community, so we’re thrilled to be an important part of this evolution.
“This is our largest project to date, so we’re grateful to the team at OakNorth for their ongoing support. Their understanding of the London real estate market is second to none and the experience was in a different league to what we’ve experienced with other banks.”
Deepesh Thakrar, senior director of debt finance at OakNorth, added: “For the last 15 years, Vabel has been delivering successful projects across London with a steady track record of both small scale and larger developments. The business launched during one of the most challenging years in the market’s history – 2009 – when developers were addressing the need for more homes, but not necessarily considering the design, function, or how people would live in the spaces.
“Vabel’s unique operational model integrating architecture, construction, and project management under one roof, as well as its approach to responsible development, stood out during our credit committee. We’re delighted to be supporting the business’ growth, bringing dozens of new homes to a central part of London that’s undergoing a vibrant and exciting transformation.”
