A JV within a JV: The St. Matthias Club, Dalston Lane E8

img_0787The first JV

This Dalston Lane property was always going to be a fantastic potential project for us. Central to our beloved E8 patch and packed with potential, when we heard of its availability of course we immediately wanted to dive in. An initial JV was formed between East Eight’s Nicole Bremner and Avi Dodi at London Central Developments and steps started towards conveyancing of the property. Then, Nicole had an even better idea.

A JV within a JV

101 Dalston Lane, Hackney, E8, is unique. And not just because of its 70s throwback architecture or location but because it is the home of youth activity venue The St. Matthias Club. Formerly The St. Matthias Boys’ Club, The St. Matthias Club has been serving boys aged 18-20 in Hackney with recreational activities, a safe and friendly place to connect with others and practise skills beyond school education. Placed on the market under vacant possession earlier this year by owners London Youth, it was assumed this would be to release cash into their other projects, although sadly they would have to rehouse the club at the same time.

In negotiating the sale, we immediately brought in the idea of their remain within the contract, on a long-term lease with affordable rent, essentially creating another JV within our JV. Agreement was reached and all parties happy, especially since within our development plans would be a renovation and modernisation of the property, giving the boys fresh, upgraded spaces. Beautiful, modern residential units will be built in the two or three floors above.

Another JV?

In addition to creating beautiful living spaces in the heart of Hackney and serving The St. Matthias Club with updated facilities, the hat trick was being put in touch with a local school looking for new part-time premises. We can’t yet release details of the school however we are positive that the synergy will work and produce brilliant results within the Hackney community. The school will use the expanded ground floor for classes and share the basement space easily with the boys’ club and their differing daytime and evening timetables. If this works out, it will develop into a JV within a JV, within a JV!

About the St. Matthias Club

Running since 1887 and established as a registered charity in 1990, London Youth are responsible for the essential creation and running of hundreds of other diverse local community youth organisations including The St. Matthias Club.

‘Its structure, aims and activities are relevant to today’s teenagers. A view borne out by its ever increasing membership. In one of the poorest areas on the United Kingdom, where constructive recreation is scare, and usually too expensive, the Club’s importance cannot be over-estimated.’ St. Matthias Club FB Page

 

We are thrilled with this opportunity and are aiming to make the very most of the development. Keep following us for planning updates and developments.

@E8_Developments

 

Marina Conway-Gordon

 

2017-03-20T14:21:20+00:00