OakNorth backs Vabel’s £48m Queensway scheme
London-based developer Vabel has secured a £48.3m loan from OakNorth Bank to develop a mixed-use scheme at 28-34 Queensway, W2.
The scheme comprises a 27 flats with concierge and communal gardens. The proposals also include 2,702 sq ft of retail at ground level.
The development is scheduled to complete by the final quarter of 2025 and forms a part of a £3bn masterplan to transform Queensway, which will deliver more than 350 homes in the area by 2026.
London-based developer Vabel has secured a £48.3m loan from OakNorth Bank to develop a mixed-use scheme at 28-34 Queensway, W2.
The scheme comprises a 27 flats with concierge and communal gardens. The proposals also include 2,702 sq ft of retail at ground level.
The development is scheduled to complete by the final quarter of 2025 and forms a part of a £3bn masterplan to transform Queensway, which will deliver more than 350 homes in the area by 2026.
Vabel secured planning permission for the scheme earlier this year.
Jeremy Spencer and Daniel Baliti, co-founders of Vabel, said: “With the redevelopment of Queensway under way, the area is re-energising its reputation as a vibrant, multi-faceted community. This is our largest project to date.”
Deepesh Thakrar, senior director of debt finance at OakNorth, said: “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 supporting the business’ growth, bringing dozens of new homes to a central part of London that’s undergoing a transformation.”
