OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a £20.1m property development deal with Gold Compass Developments, a subsidiary of Yellow Brick Group. The loan will be used to develop a mixed-use scheme in Whetstone, North West London.
The site, which is based at 1060-1072 High Road, will have 56 residential units – all of which will have either a terrace or a balcony, several thousand sq. ft. of commercial space, a gym, concierge service, and underground parking. The majority (21) of the units will be two-bedroom flats, with 10 of the units being four-bedroom houses with gardens that back out on to North Middlesex Golf Club. It is a short walk from Totteridge & Whetstone Underground Station, providing direct access on the Northern line to King’s Cross in under 30 minutes.
Commenting on the deal, developers Johnathan Kol-Bar and Anton Vybornyi, said: “Barnet’s population is expected to grow by 20 percent over the next 25 years, and according to the Mayor’s Strategic Housing Land Availability Assessment needs over 2,700 new homes to be built every year to keep up with demand. We will be bringing a range of new residential units to the area – from studios and 1-bedroom flats for first-time buyers, to three and four-bedroom houses for established families looking to put down roots.
“The team at OakNorth looked at our track record, the decades of experience we have across our team, and the strength of the scheme, providing us with the finance we need to take this project forward. They gave us a decision on the loan very quickly, which meant we could get back to focusing on the development, rather than being distracted with the finances.”
Damien Hughes, Senior Property Finance Director at OakNorth, commented: “Whetstone Square is a great project delivered in a very strong residential location. Gold Compass have successfully completed several projects across Greater London, being involved throughout every stage of the process from architecture to maintenance. We look forward to working with them on this and future transactions.”