Finance deal secured to convert offices by Birmingham New Street station
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OakNorth Bank has completed a £1.2m loan to Oakwood Real Estate to convert an office building by Birmingham New Street Station into a residential development.
The 38 homes at the site on Bright Street will be completed to a high specification with Quartz worktops, handleless kitchens, engineered laminate wood flooring and porcelain tiled bathrooms.
Jay Levy, director at Oakwood Real Estate, said: “COVID-19 will have a long-term, if not permanent, impact on demand for office space in city centres, so we felt a residential development would be more beneficial for the Birmingham community. Having worked with other high street lenders in the past, it’s evident that OakNorth Bank’s expertise outmatches that of its competitors. The team were quick, collaborative, and commercial in their thinking – all of which have helped us get to get the loan in place.
Hemesh Patel, director of property finance at OakNorth Bank, commented: “Jay and the rest of the Oakwood Finance team have a successful track record of investing in and developing properties throughout the UK. Almost two thirds (60 percent) of the Birmingham population is under-35 and largely made up of young professionals, who represent the largest percentage of the UK rental market.
“This makes Birmingham highly attractive for property investment businesses such as Oakwood. Thanks to Dan Austin at ASK Partners for facilitating the introduction.”