Octopus Real Estate has worked with Myles Williams of First 4 Bridging, a specialist finance distributor, to complete the €24.4m (£21m) refinancing of a 33,000ft² 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 an 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.
Dominic Gibson, 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.”