Mixed-use property developer Oracle Group has secured £90m of funding from the Royal Bank of Scotland (RBS) for the first phase of its Indescon Court development in London’s Docklands.
The first phase of the £350m scheme, which is being developed with Galliard Homes, will include 362 new homes in buildings up to 16-storeys high as well as office and retail space.
Limited credit availability
Oracle chairman David Burke said the level of funding secured in the ‘current financial climate of limited credit availability’ showed confidence in Oracle and the Indescon development.
The second phase of the scheme, which is just to the south of London’s Canary Wharf business district, will include a further 950 homes in building up to 32-storey’s high, a 108-bedroom hotel and lesire, retail and commercial space.
Oralce says once the 4.5 acre site has been fully developed it will have a gross development value of around £350m.
The site was bought from Sir Robert Ogden in 2006 for £65m.