The owner of Canary Wharf plans to start construction on a new private members club from the owners of Mayfair’s Arts Club after securing a £30m loan from Metro Bank.
The new club now plans to open in spring 2019, after securing a 60,000 square foot site.
The site has been pre-let to the Arts Club Group, which counts developer Gary Landesberg and the Waney family among its principal shareholders.
The developers gained planning approval for a five-storey design clad in aluminium in January of last year, after originally being rejected following environmental concerns and potential damage to heritage assets.
The loan is Metro Bank’s largest development finance loan since it started lending in the sector 18 months ago.
Metro Bank’s managing director for commercial banking, Mark Stokes, said the loan was a “milestone” for the lender.
The challenger bank is aiming to build up its business banking arm, after rapid growth in its retail operations. At the end of March Metro Bank had a loan book of £11bn, of which commercial lending was 32 per cent of the total.
The new Arts Club will be the second private members club on the 97-acre development, which counts many of the City’s biggest financial services companies among its tenants.
It will feature 17 guest rooms for club members and guests, as well as multiple restaurants and a roof terrace. It will be located on Middle Dock, near to the current office of Morgan Stanley.
David Cooper, group treasurer at Canary Wharf Group, said the firm “hope[s] to work with Metro Bank on other future projects” with pipeline of 11m square feet in developments.