Funding from Unity Trust Bank has helped a five-year, multi-million pound development in Hackney to open its doors, driving new business and creating job opportunities.
The finance has enabled Hackney Co-operative Developments CIC (HCD) to refurbish Bradbury Works in Gillett Square, Dalston, providing over 1,000 sqm of affordable office space to social enterprises and start-ups.
Unity Trust Bank part-funded the project with a £2.8m loan, safeguarding 135 jobs and creating 150 new employment opportunities.
Anthonia Onigbode, Chief Operating and Finance Officer at HCD, said: “It’s an honour to celebrate the opening of Bradbury Works after five years filled with challenges brought about by Brexit, the pandemic, lockdowns and project slippages.
“The pandemic has changed the way we work and interact with each other, making a comfortable and safe work environment more important than ever. This new space has been designed with the health and safety of our stakeholders in mind, and we are confident that it will help them feel comfortable and productive.”
Rod Campbell-Taylor, Chair of HCD, commented: “This building would never have got off the ground without the unwavering support of our funders — our main funder being Unity Trust Bank, along with Trust for London, Hackney Council and the Greater London Authority.
“We see this building as a community asset, a part of the common good. Our company is not in the business of squeezing tenants to increase company profits. As a CIC, every penny of any surplus that we generate from this project will go to other projects.”
HCD provide affordable workspaces, with any generated income reinvested straight back into the community through business support, training activities and additional initiatives.
Offering 30 workspaces and studios, together with ten upgraded retail spaces, the Bradbury Works building also has an improved carbon footprint through double glazed windows and new thermal insulation.
Andy Ledger, a Relationship Manager at Unity Trust Bank, added: “I’ve worked closely with Anthonia and the HCD team throughout this development, and it is a testament to their hard work and commitment that the building is finally ‘open for business’.
“At Unity, we only lend to organisations that create a positive difference to local communities. With Dalston being one of the most deprived wards in the UK, this redevelopment will breathe new life into the area and create business and employment opportunities.”
