Qatari Diar and Canary Wharf Group (CWG) has successfully agreed a £183m Construction Loan Facility for the final phase development of Southbank Place. The 13-storey building at 7 Belvedere Road will provide 92 new apartments as well as a further 18,600sq ft of retail space to benefit the well-established public realm and existing retail offering in the area.
Southbank Place is a mixed-use joint venture development between Qatari Diar and CWG. Situated in a prime central London location on the south bank, it has become a recognisable landmark behind the London Eye on the river Thames boasting unparalleled views of the city. The final phase at 7 Belvedere Road will establish Southbank Place as one of London’s most vibrant destinations. The financing is provided by Barclays and Standard Chartered.
Tariq Al Abdulla, Chief Development & Project Delivery Officer (Europe & America), Qatari Diar: “Securing the construction loan for the final development phase at Southbank Place is a milestone we are extremely proud of. Through the strength of the project we have been successful in achieving the financing that will drive the completion of Southbank Place and cement it as one of London’s most desirable addresses.
Rebecca Worthington, CFO, Canary Wharf Group, said: “Southbank Place is an important scheme for us and our joint-venture with Qatari Diar has so far resulted in high quality, amenity rich buildings that serve the requirements of buyers in the South Bank. We worked closely with Barclays and Standard Chartered, two of our strongest relationship lenders, to make this financing deal happen at 7 Belvedere Road.
For further information, please contact:
Canary Wharf Group plc
T: 020 7418 2166