The Bank of London and the Middle East (BLME) – the largest Islamic bank in Europe – is investing £20m into the development of a mixed residential and commercial hub in Wenlock Road, Hoxton.
The company overseeing the construction – a Tower Hamlets subsidiary of One Housing Group – said 68 new flats and a brand new shopping area will be created.
One Housing Group manages thousands of homes in London and says that this project marks its first drive into more expensive professional accommodation, but the move is unusual for a company normally associated with social and affordable housing.
The complex will add to the growing focus on technology-oriented professional residence and business space around the Silicon Roundabout area of Old Street. The site on Wenlock Road has been dormant for some years and is classed as brownfield.
Alice Myers, head of property finance at BLME, said: “Hackney is an up-and-coming area that is increasingly attractive to young professionals due to the affordable property prices, the growth of the technology sector, and its proximity to the City and central London.
“The new, affordable housing and commercial properties will ensure that more young professionals and companies are drawn to the area and its redevelopment continues.”
The provision of the facility follows a series of property investments in London by the BLME, bringing its total expenditure to around £75m over the last few years.
The figure makes it one of the biggest mid-market multi-project investors in the development of London outside of the major financial institutions.
Tech City has been growing in size and concentration as the premier cluster for the technology industry in Britain. The Tech City Investment Organisation (TCIO) coordinates investment and development in the Hoxton and Old Street area and has welcomed BLME’s development.
TCIO property specialist Juliette Morgan said: “At Tech City our aim is to help support the spirit of enterprise created organically by the east London community.
“The introduction of accommodation targeted at Tech City entrepreneurs is testament to the success of the cluster and an endorsement of the potential for more jobs as companies develop and grow.
“Such developments help to attract talent and enliven communities, which are welcome additions to the ecosystem.”
