Hyelm Old Street

Client: Hyelm Group

Hyelm, Old Street Red Loft has worked with The Hyelm Group, a small Hampstead based Registered Social Landlord and Charity, for more than two years. Hyelm provide serviced accommodation for more than 200 young people coming to London to work or study.

They had a vision to expand their service and were able to generate funds for development by rationalising their assets; however, they had no previous development experience and, like many small RSLs, were wary of partnering with larger organisations. Hylem selected and employed Red Loft as development agents with a brief to source and deliver an exciting new scheme. We identified a site close to London's Old Street which now provides accommodation for 125 people, mainly key workers, meeting Hyelm's charitable objectives.

On Hyelm's behalf, Red Loft brokered an innovative funding partnership arrangement with Mosaic Housing (now Family Mosaic), a Housing Corporation partner. We developed a legal agreement between the two parties and secured £3,000,000 of Housing Corporation funding to support the scheme. Hyelm have committing £5,000,000 of their own reserves to the £15,000,000 scheme. Facilities include an internet café, gym, sauna and conference facilities to enable residents to make the most of modern urban living.

The scheme has been completed for 6 months and is just about to complete it's 6 months defects inspection. The accommodation has proved incredibly popular. The development was 100% let on day one and now has a waiting list of over 200 people. The quality of the build, the facilities and the great location have all helped make Hyelm Old Street a place people make a positive choice to live in.

It has also provided an important boost to the local economy by helping to attract and retain key workers in an area where housing provision is polarised between high-end, private loft developments and impoverished council estates.

Residents also have access to a quiet landscaped courtyard and two large communal roof terraces, which will have striking views across London. Office accommodation in a new two-storey building will provide a new head-quarters for the Hyelm Group.

Photographer: Des Willie