Cain International has agreed to a €198.8m (£170m) development loan with Ballymore and Oxley for the delivery of Deanston Wharf, a 768-unit residential scheme in the Royal Docks, east London. Deanston Wharf, adjacent to the hugely successful 40-acre Royal Wharf development, which completed in December 2020, is considered the final stage of the riverside masterplan.
Deanston Wharf enjoys close proximity to Canary Wharf, the City of London and local attractions such as the Excel Centre and O2 Arena, as well as international travel options through London City Airport. Royal Wharf Pier opened in 2019, which provides access to the Uber by Thames Clippers river service, and the scheme will be a 10-minute walk to a new Crossrail station at Custom House. The development will be delivered by Ballymore.
Graham Keable, Principal at Cain International, said: “Following a year of restrictions, we have all become increasingly aware of the quality of our home environment and local amenities, and residential real estate has been one of the clear winners of the pandemic as a result. We remain confident in the ongoing fundamentals that are offered by gateway cities and believe that well-located developments such as Deanston Wharf will experience increased demand in the years ahead and are excited to be working with such high-calibre sponsors to bring this development forward.”
Robert Mulryan, Group Corporate Finance & Investment Director, at Ballymore, said: “Deanston Wharf is the most exciting new development in the Royal Docks; bordered by both river and parkland, it offers a unique environment within touching distance of Central London. We are delighted to be working in partnership with Cain International, a funder with huge experience and ambition. It brings the total development funding raised by Ballymore to €701.6m (£600m) since the onset of COVID 19, allowing the accelerated delivery of over 1,500 homes across London.”