Partner Article

Revealed: Paul Godfrey to proceed with Kilburn luxury apartments after £32m funding deal

Property developer Paul Godfrey’s high-end luxury development in north west London is to get underway after the developer secured a £32m financing deal from a consortium of backers.

The plans will involve the complete redevelopment of a 60,000 sq ft site at 254 Kilburn High Road including the construction of a new six-floor building boast 60 luxury apartments, mixing one, two and three bed units, and 10,300 sq ft of commercial space.

Work on the development is now set to get underway after Godfrey, who was previously Land Manager at Barratt Homes, secured financing from OakNorth Bank, RS Property Finance Cogress.

OakNorth, which also confirmed a debt finance deal with Notes coffee chain today, provided £19m of lending to the developer while RS Property Finance provided a further £6m of debt and property investor Cogress Ltd capped off the £32m with £7m of equity.

Following confirmation of the funding, Godfrey commented: “The major funding arrangement reflects the rapid growth and ongoing expansion of my property development company. I am delighted to have the support of such substantial financial firms.

“All three partners – OakNorth, Cogress and RS Property Finance – worked seamlessly together, ensuring the project progressed as planned.”

The deal now brings OakNorth’s total funding in property developments to £122m for 2017 and it claims that it has another £250m in the pipeline.

Touching upon the bank’s busy start to the year, Ben Barbanel, Head of Debt Finance, and Damien Hughes, Property Finance Director at OakNorth Bank, said: “It has been a great start to the year for OakNorth – we’ve closed 15 property deals with several more credit-approved and being transacted.

“We’re delighted to have worked with Paul, Cogress and RS Property Finance on this deal and look forward to additional collaborations in the future.”

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