Sable Capital has acquired a residential development delivered by O’Shea Group and Galliard Homes in Hackney Wick, using capital from its UK BTR fund.
Sable has acquired a 176-apartment build-to-rent development between Hackney Wick overground station and the Hertford Union canal. Known as Wickside, the development is set across a c. 3.4-ha site and arranged around a series of courtyards and squares with interconnecting streets, promenades and a linear park defining an entire new canal-side community.
The scheme will offer one-, two-, and three-bedroom apartments, in addition to a range of duplexes and townhouses, all residents with private terraces or balconies as well as a residents-only lounge area and rooftop gardens.
Wickside was acquired from Galliard Homes and O’Shea Group, who will deliver the project. The first apartments are expected to be delivered in 2025.
Hugo Black, Partner at Sable Capital, said: “While rental inflation is cooling, year-on-year rental growth remains historically high compared to the pre-pandemic years. The rolling number of new applications, permissions granted and construction starts across London in Q1 24 were all more than 60% below their previous peaks, according to Molior. We expect the lack of supply relative to demand will keep rental inflation at a level above the long-term average and be supported by ongoing wage growth. This is a highly appealing site in close proximity to Hackney Wick overground station and conservation area, sitting to the north of the Hertford Union Canal and between the 213-acre Victoria Park and the 560-acre Queen Elizabeth Olympic Park. We are confident that Wickside will provide the very best of London BTR living and are looking forward to working with O’Shea and Galliard to deliver this major regeneration landmark.”
In a joint statement, Stephen Conway, CEO and Executive Chairman of Galliard Homes and Rory O’Connor, Executive Chairman of O’Shea Group said: “We are delighted to partner with Sable Capital on the Hackney Wick BTR development. Wickside represents a unique opportunity to blend modern living with the rich industrial heritage of the area. This project will not only provide high-quality homes but also create a vibrant community hub with a variety of amenities and public spaces.”
On Wickside, Sable was advised by BCLP and Cushman & Wakefield; Galliard and O’Shea were advised by Howard Kennedy LLP.
Image provided by SECNewgate.
Europe Real Estate — an overview of real estate developments in European countries.
