OakNorth has finalised a £6m deal with a luxury property developer

OakNorth has completed a debt finance deal of £6m to Godfrey London.

The finance is to be used to demolish a vacant building which was previously used as a Royal Mail sorting and delivery office and convert it into almost 14,000 sq ft of offices.

The building is located on St George’s Road in Temple Fortune, and the area is said to be getting an increasing number of self-employed and professional micro businesses, so there is growing demand for smaller and more flexible work space.

Commenting on the deal, Paul Godfrey, founder of Godfrey London, said: “There is currently an oversupply of old-fashioned, large-scale office space in North-West London, which is no longer suitable for contemporary office demand.

“Many developers wish to convert Temple Fortune’s old offices into luxury residential apartments, but we think the best opportunity lies in developing new commercial spaces that are more well-suited for today’s business owners and entrepreneurs.

The property is located within proximity of bus stops on Finchley Road, as well as being a 10 minute walk to Golders Green station.

In a joint statement, Ben Barbanel, head of debt finance, and Damien Hughes, property finance director at OakNorth, added: “This is our third loan to Godfrey London so while it is the first time they are venturing into commercial development, we have complete faith in the team’s ability to deliver on their plans.

“Paul has led the development of several high-profile projects in North London, including the sympathetic revival of the historic Otto Schiff House in Hampstead which helped with the Jewish refugee crisis in the 1930s.

“He and the team have decades of experience between them and a pragmatic and clear rationale for this project, which will finally bring some fit-for-purpose new offices to Temple Fortune.”

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