Vabel gets backing for second Queensway site

London-based developer Vabel has secured financing to acquire a site bookended by Porchester Gardens and Inverness Terrace, W2. The £30.8m co-loan was provided by OakNorth and ASK Partners. Vabel plans to transform an L-shaped 1950s building on 114-150 Queensway and 97-113 Inverness Terrace into a mixed-use scheme. The site currently has planning consent for 30,021 sq ft of residential space, 87,284 sq ft of offices and 22,809 sq ft of retail space. Jeremy Spencer and Daniel Baliti, co-founders of Vabel, said: “We have backing from two partners, which will be essential as we seek to enhance the existing planning consent. We are proud to further our involvement in Queensway’s regeneration.” Daniel Austin, chief executive and co-founder of ASK, said: “Vabel’s expertise on similar projects across London and their environmentally sustainable approach puts them in a great position to deliver a scheme that will regenerate this area of London.” Deepesh Thakrar, senior director of debt finance at OakNorth, said: “Vabel is exactly the kind of business we want to work with – a management team with a 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.” This is Vabel’s second scheme in the area. The company is currently on site at 28-34 Queensway and Olympia Mews, constructing a mixed-use development of 27 flats, of which three are classified as affordable, 2,700 sq ft of retail space at ground level, 5,113 sq ft of offices and a 2,150 sq ft communal residents’ garden. Vabel acquired the site in the spring of 2023 and the development is scheduled to be completed by Q4 2025. The £3bn Queensway overhaul plan was unveiled two years ago. The area between Hyde Park and Notting Hill is being transformed into a living, shopping, dining and leisure district. The project is scheduled to fully complete in 2026. Overall, it will deliver seven new buildings, more than 350 new homes, 10,000 sq ft of new office space, 530 metres of refurbished shop fronts and 500 metres of new retail opportunities. Image © Octopus