Exclusive: Galliard secures £76m loan to fund luxury flats above Tottenham Court Road Crossrail station
The developers of a luxury residential block above Tottenham Court Road’s Crossrail station have secured £76m in financing from lenders to complete the project.
Leumi UK, the London-based subsidiary of the Israeli bank, and Natwest have closed a multi-million-pound deal with Galliard Homes to fund the development of 92 flats in the West End, City PM can reveal.
Galliard Homes chief executive Stephen Conway welcomed the banks’ support of the development “in a challenging period for the industry”.
The project – named TCRW Soho – will be situated above the central London Crossrail station, with entrances in Oxford Street, Fareham Street and Dean Street.
It is estimated for completion in the second quarter of 2023, after being pushed back from the initial finishing date of summer next year.
The development will house a mixture of one, two and three-bedroom flats and studio apartments across two buildings.
Ashley Toy, real estate finance relationship manager at Natwest, said: “We are pleased to mark another chapter in our relationship with Galliard, supporting their latest development at Tottenham Court Road West.
“The development is a brilliant example of their ability to deliver high-quality housing in an excellent location.”
Tottenham Court Road West (TCRW) will also include 9,939 sq ft of ground floor retail space.
One six-storey Art Deco-inspired block will overlook Oxford Street while the other five-storey apartment building will face Dean Street and is inspired by Soho’s Georgian townhouses, the developer said when it announced plans for the scheme in 2019.
Gez O’Sullivan, property finance relationship manager at Leumi UK, said: “Leumi UK has worked with Galliard for over 12 years and we have been consistently impressed by the quality of their developments.”