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Canary Wharf Group Secures ‘Largest Development Loan in UK’
Canary Wharf Group (CWG) has secured a £535 million loan for the next phase of its Wood Wharf residential scheme.
Investment firms Cain International and Starwood Capital Group will each provide half of the development loan, thought to be one of the largest in the UK in the past 12 months.
Wood Wharf Phase Three is a 1,308-home build-to-rent (BTR) scheme, split across three towers and two buildings.
Around 26,300 sq ft of commercial space is also included.
“The scheme is a pivotal part of CWG’s repositioning to offer 24/7 living, working, shopping and leisure,” said CWG.
Wood Wharf is expected to hold more than 3,600 homes in total and around nine acres of public space.
A new GP surgery and school will also be built.
Wood Wharf Phase Three will be delivered with a target Level 4 Code for sustainable homes across the private market properties, and BREEAM ‘Excellent’ on the commercial space.
Its estimated completion is in phases from the end of 2025 to Q1 2027.
Source: Construction Wave
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