Arada Pushes Forward £2.5B Docklands Scheme: The London Deal Sheet

The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com. 

Developer Arada London has announced details of the first phase of Thameside West, East London.

Spanning more than 47 acres in London’s Royal Docks, the site has the potential for at least 5,000 new homes via the existing planning permission, including 35% affordable homes. It has a £2.5B gross development value.

Thameside West is being brought forward in partnership with the Greater London Authority, and the first stage of the project will comprise 1,500 homes across six buildings and a new public park. Arada has also selected architect Gensler, built environment consultant Arup and landscape architect Planit for the first stage.

Arada is expected to submit a planning application for the first stage over the summer, with on-site work expected to begin by early 2028, subject to approval.

Arada London has also agreed to deliver 136 affordable homes in Camden for housing association Clarion Housing Group, built by Arada’s in-house construction arm across three of Arada’s development sites.

DEVELOPMENT

Aviva Investors has completed construction work at its One Liverpool Street office development, which has 176K SF of office and retail space across 11 floors.

Sustainable features include triple glazing, high-efficiency chillers, energy-efficient lighting, all-electric energy, a green roof and HEPA air filters. It is targeting BREEAM Outstanding and an A energy performance certificate.

The scheme is 90% pre-let, with Knight Frank to make One Liverpool Street its London and global headquarters and law firm Dentons also electing to be based in the building after leasing almost 68K SF. The firms will occupy four floors each.

Built directly above Liverpool Street station, the new structure straddles three London Underground lines, bridging across existing infrastructure and a six-storey ventilation shaft from the Underground.

SALES

Oryx Real Estate Partners has completed the acquisition of 15 Mandela Way, a 63K SF industrial estate in Bermondsey, for £17.7M. The acquisition is the second transaction for Oryx’s UK industrial and logistics fund.

Working with local operating partner Bloom, Oryx will reposition and upgrade the building into a multilet industrial estate of five units ranging from 7K SF to 18K SF. Subject to planning, work is expected to begin this year for completion in 2027.

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Columbia Threadneedle Real Estate, through its Threadneedle Property Unit Trust, has made its first investment in natural capital with the acquisition of Carlshead Farm, a 490-acre estate in North Yorkshire.

The investment will support the fund's decarbonisation plans and provide exposure to the UK's biodiversity net gain market. It will be managed by NatureReturn, a natural capital asset manager.

The deal reflects TPUT's conviction that natural capital is emerging as an important new asset class for institutional investors, the company said.

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MERA Investment Management has made an equity investment in Winslade Park, an 86-acre development in Exeter with an estimated gross development value of £100M. Following the completion of Clyst House in March, the park has signed eight new leases, taking its occupier total to more than 100 businesses.

The estate is also on course to become one of the UK’s first large-scale office developments to run entirely on on-site renewable energy, according to MERA. Solar installation is scheduled to begin in 2027, with completion expected before the end of that year.

With around 30K SF of office space still available, the park is on track to reach 90% occupancy.

FUNDING

Royal London Asset Management has entered the single-family housing market via the RLAM Living Fund with the forward funding of a 284-home living scheme on Riverpark Road in Manchester.

In partnership with housebuilder Kellen Homes, the forward fund will deliver 111 single-family homes and 173 low-rise apartments at the Riverpark development, close to Etihad Stadium, Co-Op Live Arena and the National Cycling Centre.

Completion is targeted for the third quarter of 2028, with leasing expected to begin in Q3 2027. The scheme follows acquisitions in Slough, Bracknell, Barking and Watford, bringing the fund’s total portfolio to 1,246 units, with residential commitments now over £530M. 

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Pallas Capital has completed an £8.2M development facility to fund the change of use of a vacant educational building in central Leicester into a 98-bed purpose-built student accommodation scheme.

The 27-month facility will fund the site’s conversion, and the borrower intends to refinance onto a term facility once the scheme is fully let and generating income.

LEASING

Oxford Properties Group has signed Mishcon de Reya at MidCity Place on a 20-year lease at the 350K SF Holborn office building undergoing a £20M refurbishment and decarbonisation. 

Mishcon de Reya has taken 161K SF across four floors, including a large client hospitality and events space. The refurbishment is due to complete in 2027, and the firm will move into MidCity Place in 2029, following a full fit-out. It has also taken an option on an additional floor.

Owned by a 50-50 joint venture between Oxford and Temasek, with Oxford managing the building, the property is now fully electric in operation and supplied by 100% renewable electricity. It is now 100% committed to a range of corporate occupiers.

PLANNING

Real estate investor and developer Evans Randall Investors has received the necessary consents and contracts for construction to begin on the redevelopment of Thavies Inn House, its £200M office scheme on Holborn Circus.

Working with JR Capital, development finance is also in place to support the scheme through to completion, expected by the end of 2028.

The redevelopment, designed by WilkinsonEyre, will bring the total office space to 90K SF, with an additional 2K SF of retail space on the ground floor. Every floor will have access to outdoor space through balconies or terraces, plus public realm improvements to Thavies Inn Courtyard, St Andrew Street and Holborn Circus.

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Areli Developments has secured planning permission from the Tower Hamlets Strategic Development Committee for 77 Marsh Wall, a 54-storey, multitenure residential development. 

The scheme, designed by Patel Taylor, will deliver 820 homes across build-to-rent, serviced apartments, coliving, intermediate tenures and social rented homes, the company said.

It will also include more than 30K SF of publicly accessible space on-site, including the Dockside Garden and the Community Garden, plus more than 4K SF of retail space. Amenities will also include private green spaces, coworking areas, a cinema, a gym and pool, shared kitchens and lounges.

PEOPLE

Newmark has appointed Akbar Tajani as a managing director. He will collaborate with Newmark’s debt, equity and structured finance business in the UK and Europe, supporting property financing and equity raising, plus corporate finance and M&A advisory for European and U.S.-based clients.

“Expanding our debt and structured finance capabilities in Europe remains a key priority,” Newmark UK and Europe President Michael Lehrman said in a statement.

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A&O Hostels has appointed Markus Harder chief financial officer. Based in Berlin, Harder will work with CEO Oliver Winter and shareholders to drive the next phase of the group’s growth strategy, the company said.

He previously spent four years as CFO and management board member at Deepl, while other past roles include CFO of Contentful, since acquired by Salesforce, and finance director at SoundCloud. He started his career in real estate investment banking with Morgan Stanley.