** PRESS RELEASE **
15th November 2016
This month hails the first of many crowdfunded property developments by Hackney-based developers East Eight and sister company London Central Developments (LCD), to provide a regulated product for investors.
Focusing on a recently acquired community project in Dalston E8, the developers will open the project’s funding to individual investors on a share-by-share basis on the crowdfunding platform Simple Equity. Simple Equity ‘links smart property professionals to smart investors to deliver simple access to property crowdfunding and peer to peer lending.’ The move reflects East Eight and LCD’s flexible finance ethos and will support their fast-growing portfolio of high-end projects across the city.
The first project is a unique partnership with local youth club, St. Matthias Club, which LCD will redevelop as part of a brand new residential and commercial development on Dalston Lane. East Eight and LCD purchased the site last month from owners London Youth, who had placed the St. Matthias site on the market under ‘vacant possession’. The St. Matthias Club, formerly The St. Matthias Boys’ Club, has been serving boys aged 18-20 in Hackney at this venue for 49 years with after school recreational activities and a safe and friendly place to connect with others.
As locals, the developers felt strongly about securing the future of St. Matthias. East Eight and LCD proposed a structure whereby they purchased the site with St. Matthias as long term leaseholders with the aim of working together to develop their venue and secure St. Matthias’ future in Dalston.
With a design-led vision of producing a building ‘of architectural merit’ the developers’ plan is to rebuild the outdated site to accommodate a four or five storey building featuring nine new homes and modern, renovated spaces for the club. The plans will incorporate an extended basement area for the St. Matthias Club and nearly double the commercial space on the ground floor. Based on the surrounding architecture and successful discussions with planners, the developers believe they can achieve in the region of 10,000sqft of residential space.
Nicole Bremner, director of East Eight and local Hackney resident, will be working directly with St. Matthias to develop the site –
‘The property was presented to us as vacant possession. But as a local resident and parent I felt strongly that the youth club should be able to build upon the good works they have carried out for the past decades. Next year St. Matthias will celebrate 50 years of youth work from this site and we are looking forward to working with them to secure it for years to come.’ Nicole Bremner, founder of East Eight Developments and co-founder of London Central Developments
Youth London and 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 in the United Kingdom, where constructive recreation is scarce, and usually too expensive, the club’s importance cannot be over-estimated.’ St. Matthias Club
Invest in this project
The project is due to start next month with building works expected to be complete by early 2018. Investors can get involved immediately by registering their interest at www.simpleequity.co.uk. The build project will commence early February and Investors can keep up to date with progress through Simple Equity’s online platform. This will be the first of many projects funded in this way, with the aim of providing fluid finance and supporting strong partnerships in developments across London.
We would like to thank Piragash Sivanesan at Totum Finance for arranging the introduction between East Eight and Simple Equity which lead to this partnership.