Search

Bank in £24m bail out to complete Bethnal Green housing scheme stalled by coronavirus

PUBLISHED: 17:59 16 July 2020

Former coachworks by Regent's Canal where new housing scheme was stalled by Coronavirus. Picture: Google

Former coachworks by Regent's Canal where new housing scheme was stalled by Coronavirus. Picture: Google

Google

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.

£24m put up by bank to complete Bethnal Green housing project at old coachworks site. Piicture: Google£24m put up by bank to complete Bethnal Green housing project at old coachworks site. Piicture: Google

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.

You may also want to watch:

“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.”

How developers see the 'new look' Empress Works scheme ready by March 2021. Picture: Aitch GroupHow developers see the 'new look' Empress Works scheme ready by March 2021. Picture: Aitch Group

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.


If you value what this story gives you, please consider supporting the East London Advertiser. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the East London Advertiser