Cain Hoy Enterprises LP has announced that they have provided £450 million development loan to the Canary Wharf Group. The funding has gone towards the office development One & Five Bank Street. This office development is thought to be the largest development financing that will complete after the triggering of Article 50.
Cain Hoy will supply 75% of the funding for the for the project, and the Qatar Investment Authority will supply the remaining 25%. One & Five Bank Street is a 715,000 sq. ft. site that will be used commercially for high-quality space. The development will also have three different levels of trading floors and a retail unit that will be placed at ground level and will allow public access to a new promenade that will be situated along the South Dock.
One & Five Bank Street has been designed by Kohn Pedersen Fox, the well-known architects, and is has been awarded with an Outstanding BREEAM environment and sustainability rating. This project is only one of a small group that have been given this rating. The complete 27 storey development scheme is expected to be finished in the early part of 2019. Despite the completion date being quite far away, the building is already 40% pre let to Société Générale. The rest of the space is equivalent to around 359,000 sq. ft. and will be marketed by a number of different agents. The agents that will be advertising the office space in this development are JLL, CBRE and GM Real Estate.
Providing the funding alongside QIA for the Canary Warf Group project is a good opportunity for Cain Hoy to advertise their commitment to supporting developers and projects in the London Office Market. This advertisement could lead to more success for the company and we wish them the best of luck with this development and for the future.
