OakNorth supports major commercial development in Whitechapel

Specialist bank OakNorth and RM Secured Direct Lending are supporting a developer looking to complete a 50,000 sq ft scheme in Whitechapel.

The development by Regal London at 73-77 Commercial Road will offer 11 floors of prime commercial space and create around 357 jobs.

The site is located close to both Whitechapel and Aldgate East tube stations and sits within the south-western corner of the wider Whitechapel Vision, which aims to deliver 5,000 new jobs and 3,500 new homes.

Whitechapel Vision will also see the development of new workspaces and research centres.

“With its proximity to the City, Whitechapel has emerged as a key office sub-market with recent lettings to organisations such as WeWork, Uber, AECOM, the Intellectual Property Office and the General Assembly,” said Ben Barbanel, head of debt finance, and Damien Hughes, property finance director, both at OakNorth.

“While it is one of London’s smallest boroughs, it has the highest forecasted population increase (around 20%) of any London borough over the next decade, largely owing to the imminent opening of [the Crossrail station].”

Simon De Friend and Paul Eden, joint CEOs at Regal London, added: “Tower Hamlet’s vision for Whitechapel, along with the arrival of Crossrail, has spurred regeneration along Commercial Road, with occupiers seeking high-quality commercial space in an area that offers accessibility to the City and Old Street, as well as a thriving arts and cultural scene. 

“This development is a key element in the continuing transformation of the area.”

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