The scheme — which will be carried out by developer Concept Business Group (CBG) — will comprise commercial units on the ground floor as well as 39 residential units on the upper levels.

The site will include 10 affordable units, with tenants being offered a concierge service.

Subject to planning approval, three additional one-bedroom apartments will be developed on the first floor.

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“With its excellent transport links and proximity to the City, Aldgate has become a highly popular area for professionals and young families as well as overseas investors,” said Michael Cooke, director at WMG.

Priya Harley, director of debt finance at OakNorth, added: “WMG’s strategy of buying short income and leases, and creating value uplift through a combination of lease re-gearing, asset management and change of use, has seen it successfully complete numerous projects over the last 20 years.”