OakNorth

OakNorth provides £6m for developer's first commercial project



OakNorth has completed a £6m loan to Godfrey London for the redevelopment of a vacant Post Office in north London.

The funding will be used by the developer to demolish the two-storey building and convert it into almost 14,000 sq ft of office space over four floors.

The development is located on St George’s Road in Temple Fortune and is close to Golders Green station.

The scheme has a projected GDV of £9.5m and will house an office for Godfrey London on the first floor, while the basement, ground and second floor will be sublet to other businesses.

Godfrey London has purchased over £57m of residential development sites with a combined GDV of £146m.

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.”

This is the third loan from OakNorth to Godfrey London.

Ben Barbanel, head of debt finance, and Damien Hughes, property finance director, both of OakNorth, added: “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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