A London-based developer – which purchased the property in January – intends to deliver the sustainable development with a high-quality residential building (pictured above).
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Coppergate provided more than £700,000 of equity via a joint venture agreement with the developer to secure the property, while West One Loans delivered £2.68m of senior debt.
The scheme will comprise one-, two- and three-bedroom units as well as associated bike storage and landscaping.
“Hackney has been a real hotspot for the last few years and we are delighted to team [up] together for what will be a very popular product in an area of high demand,” said Charles Fletcher, development director at Coppergate.
Charlie Bryant, CEO at Coppergate, added: “This scheme is providing exactly what the local market is calling out for: intelligently designed units aimed at the Help to Buy market.”
Guy Murray of West One Loans said it was excited to support the purchase and development of the scheme in a vibrant part of east London.
“This was the right type of project for us and a strong partner in Coppergate.
“We’re all looking forward to seeing the finished development and working on future projects with [its] team.”