- Architect - SOM
- Housebuilder/Contractor - Mount Anvil (lead contractors and joint venture partners with Clarion Housing Group)
- Value - £176m (GVD)
- Completion date - 2016
Located on City Road, The Lexicon is Islington’s tallest residential tower, rising to 117m.
The scheme kick-started the regeneration of City Road, opening it up to the City Basin and Regent’s Canal.
It is 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 to be reinvested in building more new affordable housing.
The partners worked collaboratively and creatively to deliver the scheme, the joint venture structure enabling the sharing of risk, knowledge and skills.
It has since become the winner of the Whathouse? Best Partnership award in 2017.