Investec provides £11.2m loan for Brixton office acquisition and restoration

Investec’s structured property finance team has agreed to provide a JV between Newmark Properties and RBE Investments with a ?£11.2m, 30-month senior facility for the acquisition and restoration of Shakespeare Business Centre in Brixton, London.

The project — which will see the units rebranded to Coldharbour Works — includes renovating the property by utilising redundant space to create new and expanded creative workspaces.

Vacant units will be refurbished, restored, and updated, with common areas being invigorated for existing commercial residents.

The scheme is located a short walk from Brixton underground station and currently offers 45,000 sq ft of flexible office space.

There will be offices of various sizes, along with studio, workshop, shared space, and meetings rooms available across the property, all overlooking an internal courtyard.

Stephen Martin, part of the structured property finance team at Investec, said: “Coldharbour Works is an exciting project with great potential to reposition a promising asset in an inner London area where there is little supply and increasing demand. 

“Brixton has already established itself as a popular and attractive area for business start-ups, while the Covid-19 pandemic has led to more businesses considering innovative office space outside traditional office locations, eliminating the need for workers to take public transport. 

“We have a longstanding, 13-year relationship with Newmark, so are pleased to be working with them and RBE Investments on this latest deal.”

Greg Cohen, partner at Newmark, added: “[The project] provides flexible workspace for a variety of uses and will support an already growing creative community in the surrounding area. 

“Despite tough market conditions, the rebranding and first phase of works has led to new occupiers taking units and existing tenants renewing licenses.” 

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