Investec has agreed to provide an £11.2m loan for Newmark Properties and RBE Investments’ purchase and refurbishment of the Shakespeare Business Centre in Brixton, SW9.
The 30-month senior loan facility will enable the property on Coldharbour Lane to be transformed to provide more than the existing 45,000 sq ft of office space. It will also be renamed as Coldharbour Works.
Stephen Martin, from Investec’s structured property finance team, 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.”
Greg Cohen, partner at Newmark Properties, added: “Coldharbour Works 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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