Project

O’Shea in Partnership with PLACE Secures £82.5 Million Green Loan from NatWest for Landmark Build to Rent Tower in North Acton

O’Shea, in partnership with PLACE, has secured an £82.5 million development to investment green loan from NatWest for the delivery of “Portal,” a landmark 36-storey Build to Rent scheme in North Acton. This major project lies within the dynamic Old Oak and Park Royal Opportunity Area – London’s largest regeneration zone and a key focus for the capital’s sustainable growth, housing, and employment agendas.

The green loan facility recognises the scheme’s commitment to sustainability – Portal will achieve a minimum EPC rating of B and a 4-star Home Quality Mark (HQM) rating for its tower apartments, setting new standards for environmentally responsible city living. It will also incorporate the highest fire safety measures, including dual cores, evacuation lifts and pressurised smoke systems.

Portal will deliver 350 high-quality, purpose-built rental apartments, with targeted completion in 2027. Situated at the heart of the Old Oak and Park Royal Opportunity Area, the Central and Elizabeth lines are a short walk away. Portal will offer three roof terraces, a dedicated floor of amenity spaces, and extensive commercial, retail, and leisure opportunities at ground. Interior and amenity concepts have been developed by Fossey Arora, and include rooftop wellness facilities at level 35 and a whole floor of leisure and working spaces at level 10 spilling out onto two adjoining roof terraces.

Since acquiring the site in 2024, O’Shea and PLACE have made impressive progress: construction works are well advanced, with the structural frame already halfway up and pre-fabricated façade panels beginning to close up the building—marking a significant milestone in the project’s delivery.

Rory O’Connor, Executive Chairman at O’Shea, commented: 

“It is great to be working with NatWest again in an area of London we know very well. North Acton is already home to an exciting mix of commercial and residential uses with more planned for delivery in the coming years. Imperial’s WestTech corridor is an exciting addition to the area which will boost growth in the Life Sciences and emerging economy, and alongside HS2 will make North Acton an increasingly attractive neighbourhood. Portal reflects our commitment to delivering exceptional, sustainable homes and fostering vibrant new neighbourhoods in the capital”

Mark O’Connor, Investment Director at PLACE, commented: 

“We are pleased to have secured this loan in what is a challenging funding environment. This achievement is testament to the strength and commitment of the deal teams involved, on both borrower and lender sides. With construction starts down by 38% on last year, in large part due to the delays caused by the Building Safety Act, we envisage Portal to be an exciting prospect for the institutional BTR market at a time when completions of comparable buildings will be relatively low.”

Michael Goode, Director and BTR Lead at NatWest, commented:

“We are pleased to have worked again with the capable teams at O’Shea and PLACE and look forward to seeing the scheme progress over the next couple of years. The commitment to sustainability, and therefore ability to structure this as a green loan, is testament to the quality of what is to be delivered.”

O’Shea and PLACE were advised by TRST Advisory, Gunner Cooke, Howard Kennedy and Chatham Financial. NatWest was advised by Addleshaw Goddard, JLL, Gardiner & Theobald and Howden Group.

Further information can be found at www.place-group.co.uk

About O’Shea Group

Founded in 1966, O’Shea has over 58 years’ experience in construction and development and is currently involved in over £2 billion of development in the UK. Starting out as a concrete frame contractor, today it is uniquely positioned as a residential-led investor, developer, and integrated main contractor. Covering all use classes for both public and private partners, O’Shea’s private ownership and experienced management team allows it to be agile in its ability to assess and acquire opportunities and subsequently deliver the developments.

O’Shea’s vision for long term success is centred around partnership with our supply chain, development partners, and funders alike. A four-year Top Track 250 company, O’Shea continues to grow while boasting industry beating profitability and balance sheet strength.

www.oshea.co.uk

About PLACE Group:

PLACE Group is a forward-thinking development management platform, led by Mark O’Connor and Tom Linscott. Tom joined the business in April 2023, to launch the platform, and bolster its expertise in the operational living sectors, after his 7 years at Quintain where he planned, delivered and mobilised over 2,000 BTR and PBSA units forming part of the Wembley Park regeneration. With a passion for innovation and community-driven design, PLACE is committed to shaping vibrant, sustainable urban environments.

www.place-group.co.uk

Portal Block B Topping Out Ceremony

Following our recent funding deals with Flint Housing and NatWest, we are pleased to have celebrated the topping out of Block B. In true London style, the torrential rain cleared, and the sun broke through just in time to conclude the ceremony on the roof at Level 10.

Once complete, Portal will deliver 350 homes, comprising 63 affordable homes for rent, through our affordable housing partner Flint Housing, and 287 BTR and DMR homes in the tower block. The scheme will also deliver over 6,000sqft of commercial and community spaces, public realm improvements, and active ground floor uses that will support jobs and create a vibrant local neighbourhood at the heart of the Old Oak and Park Royal Opportunity Area. The wider project will ultimately rise to 36 storeys, creating a striking new tower for North Acton, with completion scheduled for June 2027.

A huge thank you to our speakers for helping mark this milestone:

• Cllr Louise Brett, Deputy Leader of Ealing Council and Cabinet Member for Safe and Genuinely Affordable Homes
• Eugene Schreider, CEO of Flint Housing
• Rory O’Connor, Executive Chairman of O’Shea
• Tom Linscott, Head of Development at PLACE Group

We were also delighted to be joined by Michael Goode, Director and BTR Lead at NatWest; Stephen Stone, Co-Founder of Flint Housing, and by the project architects, ACA Studios.

The celebrations continued afterwards with drinks in the Penthouse of One West Point, 54 storeys high, and incredible views across London.

The topping out of Portal is a testament to strong collaboration between all our partners and the dedication of the project team — and we look forward to welcoming the first residents when the scheme completes in June 2027.

Wickside Phase 1 Topping Out Ceremony was held in the sunshine of Hackney Wick on Wednesday.

PLACE Group are Development Managers of this design-led, Mixed Use regeneration scheme which will bring 475 new apartments and over 100,000 sqft of retail and commercial uses to the hub of creativity and life that is Hackney Wick.

William Haldane shared a few reflections on the work that has gone in so far to bring this project to fruition and Mark Shaw of Studioshaw told of their journey as a practice from winning the LLDC design competition for this building. It was then on to Crate brewery for some well earned drinks in the sun.

Alongside many names it was fantastic to be joined by representatives from the JV partners O’Shea Group and Galliard Homes alongside Southern Housing and Sable Capital Partners LLP.

A truly incredible honour, especially after less than four months of welcoming guests.

Created as a sanctuary of calm, luxury and well-being, this recognition is a testament to our dedicated team and the wonderful guests who have embraced the Saltmoore experience. Thank you for being part of our journey.

OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £22.8m loan to support a joint venture between two existing OakNorth customers, O’Shea and Galliard.

Founded in 1966, O’Shea Group has grown into one of the largest privately-owned construction and property development companies in London and the South East. Galliard Homes founded in 1992 and led by Executive Chairman and CEO, Stephen Conway, is a leading authority in construction and the development of large-scale mixed-use, residential, hotel and commercial projects. Together, their JV projects have delivered over 13,500 houses across the South East, including 475 apartments at Wickside, Hackney Wick and a further 450 apartments within Baltimore Tower, Canary Wharf.

The £22.8m loan from OakNorth will be used to fund the next stage in converting the historic 19^th century, Raithwaite Sandsend Estate. Located between the heather-clad North York Moors National Park, and unspoilt Sandsend beach on the outskirts historic seaside town of Whitby, Yorkshire, the 85-acre site will see the development of 179 luxury villas, lodges and cottages (the Saltmoore Collection). This next phase follows the reimagining and reopening of the estate’s two hotels, Saltmoore House and The Beach House, in November 2024, totalling 78 rooms and suites.

The heart of the hotel is the historic hall known as Saltmoore House, where the hotel’s extensive wellness offering state of the art gym and spa, treatment journeys by Wildsmith, cryotherapy chamber, Himalayan salt sauna, and wellness café. Saltmoore House is also home to several eateries including the hotel’s three restaurant offerings led by Head Chef Adam Maddock and Michelin Star Executive Chef, Tommy Banks. The Beach House is the more relaxed coastal themed offering closer to Sandsend Beach which features outdoor tubs overlooking the woodlands. The first phase of the holiday lodges known as the Saltmoore Collection have recently been released by local estate agent, Henderson’s.

Stephen Conway, Executive Chairman & Co-Founder of Galliard, said: “We look forward to welcoming guests to our new wellness-led sanctuary, located along the picturesque North East coastline. The Raithwaite Sandsend estate has a unique and extensive history, so it is our privilege to be breathing new life into the site, whilst preserving its historical significance to the region. OakNorth once again proved themselves to be a fantastic funding partner – we have worked with the team for years and keep going back as their flexibility, transparency, and entrepreneurial approach is second to none.”

Mark O’Connor, Investment Director at O’Shea commented: “Over the past six decades, we’ve become a respected name in the property industry, with our long-standing relationships with developers, housing associations, and local authorities leading to many successful joint venture partnerships. We were delighted to once again work closely with Stephen and the team at Galliard, with OakNorth being the clear funder of choice given their expertise in the sector and reputation for backing independent property developers such as ourselves.”

Damien Hughes, Senior Director of Property Finance at OakNorth, added: “This deal presented an exciting opportunity for OakNorth to support two of our long-standing customers with their latest JV project. The combination of the development expertise from both O’Shea and Galliard, alongside the well-renowned hotel management team that have been brought in, will no doubt be core reasons behind the project’s success. The location of the site and abundance of luxury offerings will also be a draw for not just UK staycationers, but international tourists too.”

Development will include 350 apartments across a range of rental tenures

What O’Shea and development manager PLACE Group are bringing forward 350 homes in North Acton

Why The Portal site has been purchased and Section 106 signed with the council to enable the scheme

What next PLACE Group is seeking further living sector opportunities

Property and construction company O’Shea has purchased a site for 350 apartments in North Acton, London, Green Street News can reveal.

O’Shea and its development manager PLACE Group purchased the site earlier this year from Citrus. PLACE has now signed a 106 agreement with the London Borough of Ealing and the Old Oak & Park Royal Development Corporation, paving the way for the development.

The scheme will comprise a 36-story tower scheme with 350 apartments – across tenures including build-to-rent, London affordable rent, London living rent and discounted market rent – and 5,000 sq ft of commercial.

PLACE Group will deliver the development through the forward sale of a 10-storey building of 63 unit to a housing association, and will deliver the 36-storey tower of up of 287 build-to-rent and discounted market rent units itself alongside funding partners.

O’Shea and Galliard are building 500 homes at Wickside, recently purchased by Sable Capital Partners.

Portal is aiming to achieve a minimum EPC B rating and at least a 35% reduction in operational emissions on site, including a connection to the OPDC’s planned District Heat Network.

This marks PLACE Group’s second build-to-rent project in London, following its ongoing 500-unit Wickside development in Hackney. Completion is expected in 2027.

Rory O’Connor, executive chairman at O’Shea said: ‘Our commitment to quality, sustainability, and community engagement will shape an iconic addition to North Acton’s skyline. The OPDC’s plans will be transformative to the area already benefiting from excellent transport links with nearby Elizabeth line and underground service. Old Oak Common will make North Acton one of the best-located but affordable neighbourhoods in London”.

Tom Linscott, head of development, at PLACE Group, added: “The acquisition of this gateway site, and it subsequent re-planning to incorporate the best practice fire safety requirements, represents a crucial step forward to North Action’s regeneration. We look forward to maximising the opportunity to create jobs and much-needed homes for London residents within the Old Oak and Park Royal Opportunity Area”.

O’Shea was previously involved in the development and construction of the of the adjacent 54-storey development, One West Point, in conjunction with City & Docklands, which reached practical completion in 2022.

There have been a number of consented schemes in North Acton area, including from Imperial College and Downing, The projects contributed to Old Oak & Park Royal Development Corporation’s 20-year plan to deliver 22,350 new homes in the area.

In addition to its London projects, PLACE Group is delivering a luxury hotel and estate in North Yorkshire, alongside Galliard homes and O’Shea, and is actively exploring further opportunities in the living sectors.