OakNorth– the bank for entrepreneurs, by entrepreneurs – and RM Secured Direct Lending have lent their support to the development of73-77 Commercial Road in Whitechapel by privately owned property developer Regal London. When complete, the 50,000 sq.ft. scheme will offer 11 floors of prime commercial space andcreate around 357 jobs.
The site is located within a 10-minute walk from both Whitechapel and Aldgate East stations, making it an attractive location for business owners and commuters. It also sits within the south-western corner of the wider Whitechapel Vision, a masterplan that aims to deliver 5,000 new jobs and 3,500 new homes, together with significant new workspaces and a world-class research cluster. As such, it has a key role to play in terms of regeneration and to provide opportunities in this key transitional area.
In a joint statement, Ben Barbanel, Head of Debt Finance, and Damien Hughes, Property Finance Director at OakNorth, commented: “With its proximity to the City, Whitechapel has emerged as a key office sub-market with recent lettings to organisations such as WeWork, Uber, AECOM, the Intellectual Property Office, and the General Assembly. While it is one of London’s smallest boroughs, it has the highest forecasted population increase (20%) of any London borough over the next decade, largely owing to the imminent opening of two Crossrail stations.”
Simon De Friend and Paul Eden, Joint CEOs of Regal London, commented: “Tower Hamlet’s vision for Whitechapel, along with the arrival of Crossrail, has spurred regeneration along Commercial Road, with occupiers seeking high quality commercial space in an area that offers accessibility to the City and Old Street, as well as a thriving arts and cultural scene. This development is a key element in the continuing transformation of the area.”