Shawbrook Bank has provided boutique property development company NestEast with a £4.7m development finance facility as it undertakes its latest project in East London.
The new scheme in Cambridge Heath Road, Hackney involves redeveloping a former hairdressing academy into nine brand new loft-style apartments with a large rooftop garden.
With the funding line secured from Shawbrook, NestEast hopes to be able to complete the development in the latter half of 2019.
NestEast was formed in 2005 and has completed a range of turnkey new-build schemes across East London. The Cambridge Heath Road development will be the largest project the company has done to date.
Zuzie Poskitt, managing director at NestEast, said: “We are thrilled to have worked with Shawbrook Bank on this project. They have proved to be a flexible, creative lender and have shown great commitment to unlocking the potential of this quirky site, which we are so passionate about. We look forward to working with them again on future projects.”
Terry Woodley, director of development finance at Shawbrook Bank, added: “The Cambridge Heath Road development is an exciting location and NestEast is a growing developer with a great ethos, a real focus and a commitment to creating brilliant new homes. This is exactly the sort of development we want to support and look forward to seeing the project evolve.”