Vabel will acquire 114-150 Queensway and 97-113 Inverness Terrace, with planning consent secured for an office-led mixed use development.

This will comprise 87,284 sq ft of offices, 30,021 sq ft of residential space and 22,809 sq ft for retailers.

“Vabel is exactly the kind of business we want to work with,” said Deepesh Thakrar, senior director of debt finance at OakNorth.

“An incredibly strong management team with a proven track record spanning 15 years, ambitious growth plans as evidenced by the fact that they’re working on two of their largest projects to date simultaneously, and a considerate construction approach which takes the environment into account.

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“We were delighted they once again chose to work with us and that we could partner with ASK to help Vabel bring much-needed new homes and high quality retail to Queensway.”

OakNorth and Vabel have worked together before, with the former providing the latter a £48.3m loan earlier in July to fund another mixed-use scheme also in Queensway.

“We recently worked with the OakNorth team on securing funding for our other Queensway project, so we were confident they were the right funding partner for us,” commented Jeremy Spencer, co-founder of Daniel Baliti.

“Coupled with ASK Partners, which is equally entrepreneurial and commercially-minded, we have backing from two incredibly strong partners, which will be essential as we seek to enhance the existing planning consent.

“We are proud to further our involvement in Queensway’s exciting regeneration.”