Member Article

New mixed-use development coming to Hackney following £16.5m property deal

Entrepreneur bank OakNorth has partnered with property investment company Cogress to help fund a new mixed-use development in Hackney.

The bank has provided a debt finance deal of £10m to property developers Urbanista with Cogress providing a further £3m of equity to fund the purchase of a vacant office block at 4-14 Spurstowe Terrace.

In its place, the developers are planning to construct a five-storey building housing 24 apartments, which includes four affordable units, along with office space.

A gross development value of £16.5m has been attached to the project which will sit less than a minute from Hackney Central and Hackney Downs stations, and is also less than a mile from the hip Dalston area of East London.

The project marks another development for Urbanista, who are behind a string of residential developments in London including Wheat Wharf in Shad Thames, The Jam Factory by Tower Bridge Road, and 11 Netherhall Gardens in Hampstead.

Commenting on the deal, Michael Nagata, Partner and Director at URBANISTA, said: “We are delighted to have the support of both OakNorth and Cogress on this transaction – Hackney has become an increasingly popular area in recent years and is in desperate need of new housing.

“As a developer focused on unlocking a property’s unique potential, we are excited to be working on this mixed-use development and look forward to its completion.”