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.
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.
