OakNorth

OakNorth lends £9.2m for development of 40 flats



OakNorth has completed a £9.2m development finance loan to fund the demolition of an office building and the construction of a residential scheme in Ruislip, west London.

The client – Snowden Developments Ltd – is owned by Samji Patel and his family, who also own interior design company Jaysam Contractors Ltd.

The four-storey Fanuc House will comprise 40 residential units, associated car parking, amenity space and landscaping.

The client secured planning permission for the project in July and will develop 12 studio flats, 19 one-bed flats and nine two-bed flats on the site.

The interior design will be undertaken by Jaysam Contractors, which has over 25 years of experience in the business having worked on a number of residential projects in north-west London with a combined GDV of around £100m.

The development is located at 1 Station Approach in Ruislip, Hillingdon, close to Ruislip underground station.

Deepesh Thakrar, debt finance director, and Ben Barbanel, head of debt finance, both at OakNorth said: “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.”

Samji, director of Snowden Developments Ltd, added: “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.”


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