The finance will be used to acquire and redeveloped a large, two-story office space along Mundy St in Hoxton. Situated on the edge Hoxton Square, a popular office location for technology, media and start-up businesses, the site is less than a 10minute walk from Old Street roundabout and is surrounded by various bars and restaurants. Planning permission has also been granted for the creation of an extension to provide additional floor space, with a submission to further extend the third floor currently being processed.
The development will also benefit from being within the ‘Silicon Roundabout’ area, which is now home to hundreds of new tech companies, employing thousands of people, based throughout Shoreditch, Hoxton and Old Street.
Commenting on the transaction, Dominic Wright, Group Chief Executive of Riverside Capital, said: “With the supply of second hand office space in high demand in this area of London, we’re confident that this redevelopment will be a very popular addition to Hoxton. We’re thrilled to be in a position where we can help provide good quality and expansive office space for London’s growing tech and start-up sector.
“We pride ourselves on combining genuine skills and knowledge of the property sector and this can certainly be said about Priya and the OakNorth team. They were extremely helpful throughout the entire funding process and we hope to work with them again soon on future developments.”
Priya Chauhan, Debt Finance Director at OakNorth Bank, added: “SMEs are the backbone of the UK’s economy and we’re delighted to be in a position to help fund the development of future office spaces. Availability of this type of office space, perfect to house the next successful start-up, is unfortunately decreasing, heightening the importance of our funding to Riverside Capital. We’re thrilled to work closely with Dominic and his team at Riverside Capital and look forward to hopefully supporting them on further developments in the future.”