Old Street Works, located on City Road, comprises of 34,000 sq ft in three interconnected buildings with office accommodation on the first to fourth floors and retail on the ground and basement floors — the building is let to 10 tenants and is 78% occupied.
The two-year loan is secured against the freehold of the buildings, and is being used to fund refurbishment works on the vacant units, including through improved lighting, flooring and further cosmetic changes.
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Clare Grimes, associate director at GRE Finance, said: “Properties like Old Street Works — offices in excellent locations with strong value-add potential — are among the kinds of assets that most appeal to us.
“That’s particularly the case when there is opportunity to enhance value through planning.
Nicholas Kelliher, transaction lead at Riverside Capital, added: “In light of recent headwinds, we are delighted to partner with a lender that understands the potential for growth in the London office sector, aligning with our strategy to stabilise the portfolio and continue delivering high-quality product as the market turns its focus to recovery.”
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