HTB funds £15.75m Old Street airspace scheme

• We’ve funded a £15.75m deal to transform a warehouse near Old Street.
• The project adds new homes through smart airspace development.
• Delivered in under two months with Arc & Co. leading the charge.

The funding covers the purchase of the property, a full refurbishment of the existing 18 apartments, and the addition of two new airspace storeys. It’s a smart way to create more homes in one of London’s most active regeneration zones, just a short walk from Old Street Station.

The borrower, an experienced private developer, brought in Arc & Co. to structure a capital solution that could be delivered quickly. We provided a single facility to cover acquisition, refurbishment, and airspace construction, keeping things simple and streamlined.

From receiving reports to completion, the deal took less than two months.

The new upper storeys will be built offsite and installed alongside the refurbishment works. In a dense urban setting like this, it’s a practical way to unlock more housing without needing extra land.

Galloway Hughes advised the client, while Brecher LLP advised us.

Andrey Redman said:

This project represents the kind of creative thinking we are proud to support. From day one, we worked closely with the borrower to deliver a funding solution that aligned with both their timeline and vision. HTB were collaborative, pragmatic and delivered with purpose, making them an ideal partner on this transaction.

Rob Syrett, our Head of Origination, added:

This is a strong example of the kind of deal we are seeing more of in inner London, where acquisition, refurbishment and vertical development need to be considered together.

Structuring these elements within a single facility gives borrowers greater clarity and control. Airspace brings both opportunity and complexity, and it is essential to work with advisers who understand what a scheme needs to succeed.

Arc & Co. brought that insight to the table and it was a pleasure to work with them again.

Neil Leitch, our Managing Director of Development Finance, commented:

Airspace development is increasingly important in London, particularly when supported by modern methods of construction and a clear planning strategy.

These projects often carry more complexity than ground-up schemes, but they can deliver real value when approached intelligently.

Our role as a specialist funder is to bring consistency and confidence to the table so that developers and advisers can focus on execution.

It was a pleasure to support this project and work in partnership with Arc & Co.

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