Rocket Investments has secured a £240m (€339m) loan facility to finance the development of The Atlas Building, its mixed-use development on City Road, London EC1.
Senior debt was provided by Lloyds Bank Commercial Banking, ICBC and The Bank of East Asia to complete the residential and commercial developments, with mezzanine financing provided by Highbridge Principal Strategies (UK) LLP and Urban Exposure.
The Atlas Building is due for completion at the end of 2018 and will comprise a 40-storey residential tower with 302 apartments, an 82,000 ft² (7,600 m²) office building and 9,000 ft² (836 m²) of retail space for shops, cafes and restaurants. There will also be a public piazza between the residential tower and office building that will form a new pedestrian link between City Road and East Road.
Work has already started on the prominent island site, which is about 200 m from Old Street roundabout. Designed by award-winning MAKE Architects, The Atlas Building tower will be 152 m, making it the tallest in the Tech City area.
The marketing suite is now open in Linen Court on East Road, overlooking the City Road development. JLL is responsible for residential sales. Letting agents for retail and leisure are Allsop and GM Real Estate.
Tom Appleton, founder and chairman of Rocket Investments, said: “We are pleased to have secured financing for The Atlas Building, an exciting scheme at the centre of London’s burgeoning Tech City. Having worked on a number of significant projects in the Old Street area, we have seen its transformation at first hand and look forward to bringing this new mixed-use scheme to fruition to further the regeneration of the area.”
Madeleine McDougall, head of institutional clients at Lloyds Bank’s commercial real estate team, said: “We are pleased to support Rocket in the continued development of the Old Street site. The Atlas Building is a superb design, right in the midst of a rapidly changing area, driven by the advance of the tech industry. The scheme will offer a high standard of living and working space in the centre of a thriving corner of London.”
Randeesh Sandhu, CEO of Urban Exposure, said: “Our expertise in understanding both the complexity of the scheme and its financing requirements make this a great case study of how we can complement traditional forms of lending and we are delighted to be playing a part in helping make this exciting Tech City development a reality.”
