Cain provides £86m development loan for office scheme in London

Cain provides £86m development loan for office scheme in London
Image: Courtesy of YardNine

Cain International has provided an £86 million development loan to BauMont Real Estate Capital and YardNine for the development of a 95,000 sq ft highly sustainable, best in class office-scheme at 100 Fetter Lane in Central London known as ‘Edenica’.

The asset was acquired by BauMont in January 2021 and development partner YardNine. Located in City Mid-town in close proximity to Farringdon the development benefits from easy access to the newly opened Elizabeth Line – via Farringdon, City Thameslink and Chancery Lane stations, with a diverse range of cultural, leisure, retail and educational amenities nearby.

The asset received planning consent in September 2021 for the delivery of a new 12-storey development, with over 8,000 sq ft of roof gardens, a new pedestrian route and garden square at ground level, alongside more than 230 cycle spaces. 

In addition to the light filled workspace the scheme will include a new café and F&B uses.

The building, situated at 100 Fetter Lane, has been named “Edenica”, a reference to the extensive outdoor spaces which form part of the scheme and adjoin it.  The project targets the highest environmental standards of BREEAM Outstanding, WiredScore, SmartScore and WELL certifications.  Sustainability, technology and wellbeing are extensively incorporated into the design.

This includes voluminous office space with clear heights of over 3m, openable windows to enable mixed-mode ventilation, extensive planted terraces to encourage biodiversity and provide significant external breakout spaces, facilities to encourage active modes of travel, and high-performance 100% electric building designed with the Waterman Group to ensure the building uses as little energy as possible and achieves Net Zero carbon emissions in use.

Construction work has commenced on site and the scheme is due for completion in Summer 2024.

Tanja Yerolemou-Ennsgraber, Senior Vice President – Real Estate Finance at Cain International, said: “We are excited to partner with an experienced sponsor and developer duo, joining their journey delivering a best-in class office scheme. The project embraces the needs and desires of the future occupier, being mindful about their experience and bringing it to the fore. BauMont and YardNine have successfully unlocked a fantastic development opportunity and we are pleased to bring our construction financing expertise to the table and see Edenica unfold.

Damien Pasini, Director at BauMont Real Estate Capital said: “Following the grant of planning permission last year, securing development financing is another significant milestone for 100 Fetter Lane. We look forward to working with Cain and YardNine to deliver a highly sustainable and innovative workplace in one of Central London’s most vibrant submarkets”.

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