OakNorth Bank provides £2.3m loan to leading property investment firm Riverside Capital for major new office space in Hoxton, London
News on 9th January 2020
- Founded in 2010, Riverside Capital provides a platform for professional investors and intermediaries to access and invest in the UK commercial property market;
- The finance will be used to acquire and redevelop a large, two-storey office space in Hoxton, with permission in place for a further extension;
- The site sits along Mundy St, on the edge Hoxton Square, a popular office location for technology, media and start-up businesses, and is a short walk from Old Street station;
- The development will also benefit from being within the ‘Silicon Roundabout’ area, now home to hundreds of new tech companies based throughout Shoreditch, Hoxton and Old Street.
The finance will be used to acquire and redeveloped a large, two-story office space along Mundy St in Hoxton. Situated on the edge Hoxton Square, a popular office location for technology, media and start-up businesses, the site is less than a 10minute walk from Old Street roundabout and is surrounded by various bars and restaurants. Planning permission has also been granted for the creation of an extension to provide additional floor space, with a submission to further extend the third floor currently being processed.
The development will also benefit from being within the ‘Silicon Roundabout’ area, which is now home to hundreds of new tech companies, employing thousands of people, based throughout Shoreditch, Hoxton and Old Street.
Commenting on the transaction, Dominic Wright, Group Chief Executive of Riverside Capital, said: “With the supply of second hand office space in high demand in this area of London, we’re confident that this redevelopment will be a very popular addition to Hoxton. We’re thrilled to be in a position where we can help provide good quality and expansive office space for London’s growing tech and start-up sector.
“We pride ourselves on combining genuine skills and knowledge of the property sector and this can certainly be said about Priya and the OakNorth team. They were extremely helpful throughout the entire funding process and we hope to work with them again soon on future developments.”
Priya Chauhan, Debt Finance Director at OakNorth Bank, added: “SMEs are the backbone of the UK’s economy and we’re delighted to be in a position to help fund the development of future office spaces. Availability of this type of office space, perfect to house the next successful start-up, is unfortunately decreasing, heightening the importance of our funding to Riverside Capital. We’re thrilled to work closely with Dominic and his team at Riverside Capital and look forward to hopefully supporting them on further developments in the future.”
Notes to editors
About OakNorth Holdings Ltd
Since its inception, OakNorth Holdings has secured over $1bn from several investors, including: Clermont Group, Coltrane, EDBI of Singapore, GIC, Indiabulls, NIBC, Toscafund, and SoftBank’s Vision Fund.
The group was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch the business following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £45m) to fast-growth businesses and established property developers / investors.
Since its launch, the bank has:
- Lent over £4bn, directly helping with the creation of over 13,000 new homes and more than 17,000 new jobs in the UK;
- Raised deposits from c. 60,000 savers;
- Won numerous awards and been recognised as one of the UK’s fastest-growing businesses being listed on the Leap 100, Tech City UK’s Future Fifty, and Fintech City’s Fintech50.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit OakNorth.co.uk for more information.
Tom Pavey-Smith, Associate PR & Marketing – Tom.firstname.lastname@example.org / 0791 716 5588
About Riverside Capital
Riverside Capital is a full-service property investment and asset management company which provides a platform for private investors and intermediaries to access and invest in UK commercial property. The business has transacted on £1.33bn in commercial property since inception in 2010, over all sectors in the UK and Channel Islands.
The company sources and offers commercial property investment opportunities to its own private investor syndicate and to equity partners. Clients can invest directly, deal-by-deal, at their discretion, from £25,000.
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