OakNorth grants £20.1m loan for new mixed-use scheme with Gold Compass Developments
OakNorth has completed a £20.1m property development deal with Gold Compass Developments, a subsidiary of Yellow Brick Group.
The loan will be used to develop a mixed-use scheme in Whetstone, North West London.
The site, which is based at 1060-1072 High Road, will have 56 residential units - all of which will have either a terrace or a balcony, several thousand sq ft of commercial space, a gym, concierge service, and underground parking.
Twenty one of the units will be two-bedroom flats, with 10 of the units being four-bedroom houses with gardens that back out on to North Middlesex Golf Club.
Commenting on the deal, developers Johnathan Kol-Bar and Anton Vybornyi, said: “Barnet’s population is expected to grow by 20 per cent over the next 25 years.
“According to the Mayor’s Strategic Housing Land Availability Assessment needs over 2,700 new homes to be built every year to keep up with demand.
“We will be bringing a range of new residential units to the area - from studios and one-bedroom flats for first-time buyers, to three and four-bedroom houses for established families looking to put down roots.
“The team at OakNorth looked at our track record, the decades of experience we have across our team, and the strength of the scheme, providing us with the finance we need to take this project forward.
“They gave us a decision on the loan very quickly, which meant we could get back to focusing on the development, rather than being distracted with the finances.”