London – Mayer Brown has advised developer Tide on the sale and forward funding of a 32-storey scheme in West London known as "The Castle" to a joint venture between BlackRock Private Markets and Outpost Management.
Tide is the developer and contractor of the 106-metre high scheme and will deliver the project using its volumetric manufacturing arm, Vision. The scheme, due to be completed in summer 2025, is targeting a BREEAM 'Excellent" rating and an EPC rating of A to B.
The 220,000 sq ft residential-led, mixed-use scheme will comprise 462 self-contained studio apartments, with 18,000 sq ft of amenity space across five floors including a roof terrace on the 32nd floor, cinema, library, gym, co-working space and dining rooms. The scheme, designed with HTA, will also feature a new 3,500 sq ft public house, replacing the previous pub, The Castle, which dates to the 1930s.
The joint venture between BlackRock and Outpost Management secured a £105m loan facility from Precede Capital Partners and QuadReal Property Group to fund the acquisition and development.
The team was led by Real Estate partner Chris Harvey and included senior associates Hollie Norman, Tim Collier and Annabel Ersser, Construction & Engineering senior associate Charles Pacey and Tax partner Kitty Swanson.
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