Located in London’s popular Borough area, the site, acquired by Tailored Living Solutions in May 2020, includes three office buildings set around a central cobbled courtyard. The buildings consist of c.65,000 sq. ft of Grade A BREEAM excellent standard office space, with facilities spread across six floors and four roof terraces.
ASK and OakNorth Bank, have provided a £41.5m loan to Tailored Living Solutions, to fully refinance an existing development loan on its Great Suffolk Yard office project.
Josh Chadd, Managing Director of Tailored Living Solutions, commented:
“Since our launch in 2012, we’ve been dedicated to providing high-quality planning and construction solutions for London’s real estate market. Our Great Suffolk Yard project has seen the current group of buildings transformed through the re-use and extension of the existing site, along with the construction of new buildings, to create a collection of modern workspaces in a prime location at the heart of Borough & Bankside. The ability of OakNorth and ASK to create a truly bespoke package that provided all our funding requirements under one facility has been invaluable.”
Joshua Weinstein, Head of Institutional Markets at ASK, said:
“We are seeing the gap widen in the office market between the top end and those with lower ESG credentials. The flight to quality is becoming very apparent as businesses look to lower energy bills, future proof their move and attract staff back to the office with better facilities and strong locations. We were very pleased to co-lend with OakNorth to refinance Tailored Living Solutions’ Great Suffolk Yard scheme which ticks all these boxes and provide them with a flexible funding solution to help meet their business objectives for the site.”
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