Octopus Real Estate lends £21 million to refinance prime Clerkenwell office
Octopus Real Estate, part of Octopus Group and a leading UK specialist real estate lender and investor, has worked with Myles Williams of First 4 Bridging, a specialist finance distributor, to complete the £21 million refinancing of a 33,000 sqft office on Herbal Hill in Clerkenwell, London.
The building provides modern office accommodation arranged over the lower ground, ground and four upper floors. It has benefitted from the borrower’s recently completed refurbishment and is now in the process of being let to a variety of new tenants seeking immediate occupation.
The property will benefit from the opening of the Elizabeth Line at Farringdon, part of the Crossrail programme, with wider local amenities including Leather Lane and Exmouth Market.
The last 12 months has seen Octopus Real Estate complete numerous commercial loans of between £20 million – £40 million in locations including Derby, Harlow, London, Luton, Manchester, Watford and Welwyn Garden City.
First 4 Bridging, which recently achieved FCA regulated status, has a strong track record in the specialist lending market and provide intermediary services to a range of introducers including independent financial advisors and mortgage brokers, on complex loan requirements such as this one.
Dominic Gibson, pictured, Fund Manager at Octopus Real Estate, said:
“We were delighted to have worked with First 4 Bridging to complete this significant loan. Clerkenwell offers a vibrant range of office accommodation and attracts key players in the marketing, media and technology sectors, with LinkedIn’s recent arrival underlining this. London remains a very attractive location for office investment and occupation, so we are delighted to have completed another notable loan in the City.”
Myles Williams, CEO, First 4 Bridging, commented:
“This project is yet another example of the booming London office market. We were delighted to be instructed to source and secure funding for the borrower. The team at Octopus Real Estate provided unparalleled service, were incredibly flexible and worked tirelessly to deliver the loan within very tight timelines. We look forward to further extending this relationship across a range of commercial ventures for our ever-expanding client base.”