Lexicon is a mixed-use development of a 36-storey Chronicle Tower that includes 307 apartments, 785 sq m of mixed-use commercial space, 52 car parking spaces as well as a private residents' spa and lounge.
Lexicon is designed by Skidmore Owings & Merrill - creators of the world's tallest building - the Burj Khalifa in Dubai.
Sitting between London's booming East and Central neighbourhoods, and overlooking the Regents Canal, Lexicon will feature one, two and three bedroom homes as well as a spa, lounge and 24-hour concierge.
Lexicon was a 50:50 joint venture between Mount Anvil and Clarion Housing Group, each partner investing equal equity into the venture. The bank funding was provided by Clarion Housing Group lending into the joint venture at commercial terms with security over the development. Clarion Housing Group provided a debt facility of £30m to the City Road LLP at a commercial return of 13% to include interest and arrangement fees. This facility generated an additional £4.1m return to Clarion on top of the £25m share of JV project profit generated – all was to be reinvested in building more new affordable housing.
The scheme had a GDV of £160m and launched in Spring 2014 with practical completion in Summer 2016.
Source: Mount Anvil
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