Bank in £24m bail out to complete Bethnal Green housing scheme stalled by coronavirus
PUBLISHED: 17:59 16 July 2020
Developers have managed to get a £24million “bail out” deal to finish a housing complex by the Regent’s Canal that has been held up by the coronavirus emergency.
The partially-completed scheme for 58 flats and 7,000sq ft commercial space can now be ready “on track” by next March at Bethnal Green’s former Empress coachworks at Corebridge Crescent, a run-down cobbled turning off Cambridge Heath Road.
The “refinance” cash comes from Paragon Bank in the deal with Aitch Group property developers.
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“The bank arranged the refinance in a timely manner,” Aitch Group’s chief executive Henry Smith said. “This funding means we can meet our goal and complete by next March, despite the challenges created by coronavirus.”
The Empress scheme is the second East End development bailed out by the bank, having previously given £34m to the developer to complete 103 flats at Hackney Wick.
Paragon director Nigel Jackson said: “It’s been our priority to support clients’ needs during the recent difficult times. I’ve had a relationship with Aitch Group for 20 years, so it’s great to be able to support them again with funding for the Bethnal Green scheme.”
The Aitch Group set up in 1995 has built some 3,000 new homes over the past 25 years in London and the Home Counties. The Empress scheme near Broadway Market is its latest venture for the property market once the economy is up and running.
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