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OakNorth funds WMG Aldgate resi scheme

OakNorth has backed private investment office WMG with a £16.5m loan to develop a residential-led scheme in Aldgate, E1.

The 17-storey development at 34-40 White Church Lane and 29-31 Commercial Road, in east London, comprises 39 apartments with ground floor commercial space which is being developed by CBG.

It is located close to Aldgate East station and a short distance from the proposed new Crossrail station at Whitechapel.

Updated plans to increase the affordable provision to 10 units and alter the apartment size mix, switching studios to one-bedroom flats, were approved this year, and WMG is awaiting the final sign-off on further amendments.

Michael Cooke, director at WMG, said: “With its excellent transport links and proximity to the City, Aldgate has become a highly popular area for professionals and young families, as well as overseas investors.”

Priya Harley, director debt finance at OakNorth, said: “WMG’s strategy of buying short income and leases and creating value uplift through a combination of lease re-gearing, asset management and change of use has seen it successfully complete numerous projects over the last 20 years.”

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