Investec’s Structured Property Finance team (Investec) has agreed to provide Comer Homes, the UK residential property developer, with a £36 million, five-year senior debt facility.
The facility will fund the development of the final phase of Mast Quay, a two-block landmark riverside residential scheme in Woolwich, London.
Due for completion in December 2022, construction is already underway to deliver a mixture of 204 apartments for rent, with c. 10,000 sq ft of ground floor commercial space, across two blocks. It represents the second and final phase of Comer Homes’ Mast Quay scheme, a gated riverside development with a communal rooftop garden, with the majority of apartments benefitting from balconies offering panoramic views of the River Thames and vistas of the capital.
“Comer Homes is a longstanding client and we’re delighted to be supporting them in delivering this major residential offering. Following our funding of Royal Winchester House in Bracknell, we were extremely impressed with their management of such a large-scale project, which was delivered on time and on budget and are delighted to be working with them again to provide funding certainty in these challenging times,” said Stuart Scott, Investec Structured Property Finance.
“Mast Quay is an important addition to our portfolio and one that will help supply the growing demand for high quality rental properties in London. Investec’s ability to understand both our short and long-term requirements gives us stability at a time that is undoubtedly challenging for all, so we’re really pleased to be working with them again to bring this project to life. With Investec’s support, Mast Quay will play a key role in the transformation of Woolwich as a residential location,” said Brian Comer, at The Comer Group.
The size of London’s private rented sector has more than doubled since the turn of the century and stands at an estimated 1 million households. This growth is expected to continue with an additional 260,000 private rented households forecast across the capital by 2021, which will mean that a third of London’s homes will be privately rented compared with just 15% in 2001.
