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TWO Irish 30-something developers have won financial backing to build a 17-storey office tower in London in what is thought to be the first such speculative scheme since the financial crash, the Irish Independent has learned.
The scheme is being developed by Aldgate Developments, a privately controlled company that lists Irishmen Paul Molloy (35) and Oisin Quinn (39) as its only directors.
Both men live in Dublin, according to the filings with the UK's Companies Office.
They are now reported to have secured financial backing for their scheme in the form of an £85.5m (€101m) property loan from Helios Capital and GWM Group, according to property specialist CoStar News.
The development is thought to be the first major building project to get finance without signing up tenants since the collapse of Lehman Brothers bank in 2008.
The building is expected to be worth up to £200m, once construction is compete.
The tower will have 317,000 square feet of office space, on the edge of the City of London. It is expected to be ready by the middle of next year.
Irish Independent
