Property developer Argent has secured a £69 million loan facility on behalf of the King’s Cross Central Limited Partnership (KCCLP) from HSBC UK (acting as Green Loan Coordinator) and NatWest to support the development of a sustainable residential development in King’s Cross.
The funding will be used to deliver Cadence, the latest residential development at King’s Cross. Cadence will offer 163 apartments, including 60 intermediate affordable rent apartments, managed by Pocket Living. These 60 units will offer design-led rental homes for middle-earning local workers who positively contribute to their community. These homes contribute to the 43 per cent of affordable housing which has been delivered across the King’s Cross development.
Cadence meets the Loan Market Associations’ Green Loan Principles which facilitate and support environmentally sustainable economic activity, such as the reduction of emissions or energy usage, or reduction in the use of scarce natural resources. The loan follows a similar £400 million loan for King’s Cross in 2018 which the first of its kind in the UK used to deliver a commercial development.
Michael Lightbound, CFO of Argent, said: “From the outset, sustainability has been the foundation of King’s Cross. We were proud to receive the first Green Loan for a commercial development in 2018, and since then we have continued to deliver on our sustainable and environmental commitments. With our second Green Loan for Cadence we are delighted to be building on our long-term relationship with HSBC UK and NatWest.”
Cadence will become part of a thriving residential neighbourhood at King’s Cross, which has created nearly 1,500 new homes since 2010. Cadence will meet recognised energy efficiency standards. All apartments will benefit from low carbon heating, hot water, and cooling from the King’s Cross District Energy Networks, one of the most sophisticated in the UK. Combined with energy efficient design of the building, this will reduce carbon emissions by 28 per cent when compared to the typical home. Low carbon forms of travel will be encouraged and facilitated, with the building only providing nine parking spaces compared to 300 cycle spaces.