£55m investment spells improvements for "major" mixed-use London development

A London bank has announced that it is investing £55m into a “major” mixed-use development in Hounslow.

OakNorth Bank has provided a £55m investment facility to Paradigm Land, which will support the sale and letting of the remaining units in the mixed-use development.

The development comprises of 288 apartments, 18,500 sq ft of modern office space, and 220 private parking spaces.

Josh Garside, managing director of Paradigm Land, commented: “The area surrounding Parkview is in the midst of a multi-million-pound regeneration project, which will see a major supermarket, fashion boutiques, a cinema and arts centre added to the local high street, as well as improvements made to the Brentford Community Stadium, home to newly-promoted Brentford FC.

“Extensive landscaping and green space are also being added to the area, allowing for new pedestrian and cycle routes, increasing the attraction for renters and buyers alike.

“In order to capitalise on this, we needed a funding partner with knowledge of the London property market and a willingness to be flexible whilst we let the remaining units. This is what OakNorth Bank provided us with, so despite it being a competitive process, their flexibility and commercial mindset is why we ultimately went with them.

“Bringing the scheme forward in the current environment has not been without its challenges and I must express my gratitude to our best in class management team and OakNorth Bank who have supported our business for the fourth time with this transaction.”