Member Article

Latest £22m financing deal sees OakNorth and Cogress team up again

Challenger bank OakNorth has announced it has lent £22m to a new joint-venture between Cogress and Godfrey London which will see the development of luxury apartments in leafy Hampstead.

The development at 14 Netherhall Gardens spans nearly 30,000 sq ft spread across two buildings, encompassing five two-bedroom, six three-bedroom, two four-bedroom apartments and one five-bedroom apartment.

At the centre of the development is a Victorian mansion designed by Richard Norman Shaw which, back in the 1920s, was acquired by banker and philanthropist Otto Schiff.

Schiff built on his work establishing the Jewish Refugees Committee during World War 2 by bequesting the building as a trust and care home for victims of Nazi persecution following his death in 1952.

The building was run independently since 2010 before being incorporated into Jewish Care and relocated to a facility in Golders Green.

Since then, Godfrey London has spent the last two years redeveloping and restoring the site to its former residential usage along with the addition of Otto Schiff House, a new pavilion building designed by Squire and Partners.

Following confirmation of the financing, Paul Godfrey, Founder and Director of Godfrey London, said: “Otto Schiff House is a historically significant building and it has been a privilege for us to restore and return the property to its residential origins.

“Yet again, OakNorth went above and beyond the call of duty, taking the time to develop a flexible and innovative funding structure.”

The units themselves sit close to Regents Park and redevelopment work has seen the addition of underground car parking and lift access, as well as gardens and courtyards designed by renowned florist Kate Gould.

Ben Barbanel, Head of Debt Finance, and Damien Hughes, Property Finance Director at OakNorth, added: “It’s great to once again be working with both Godfrey London and Cogress – especially on a building with such historic significance.

“Both businesses and their management teams are extremely entrepreneurial and ambitious, making them a perfect fit for OakNorth.”