HUB Secures Approval for 490-Home Finsgate House Tower in Hackney 2026

Key Points

• Planning Approval Granted: The London Borough of Hackney’s planning committee approved proposals submitted by property developer HUB to redevelop Finsgate House, located at 5–7 Cranwood Street adjacent to Old Street Station, following a committee vote on 11 November 2026 in which three councillors voted in favour and four abstained.
• Architectural Design and Scale: Designed by architects Allford Hall Monaghan Morris (AHMM), the approved scheme involves demolishing three existing 1980s office buildings to make way for two new structures rising to 35 storeys and five storeys.
• Co-Living Accommodation: The taller 35-storey western building will provide 490 purpose-built shared-living (co-living) homes, while the shorter five-storey eastern building will deliver approximately 43,060 sq ft (around 4,000 sq m) of Grade A workspace.
• Affordable Workspace and Community Facilities: Ten per cent of the commercial floorspace is designated as affordable workspace for small and medium-sized enterprises (SMEs), alongside a flexible community hub at ground-floor level for local groups and activities.
• Off-Site Affordable Housing Contribution: Rather than providing affordable homes on site, Hackney planning officers accepted an £18.2 million payment from the developer towards affordable housing—including social rented homes—elsewhere in the borough, although the Greater London Authority (GLA) noted it did not consider this sum to represent the maximum viable contribution.
• Public Realm Enhancements: The surrounding streetscape along Cranwood Street and Brunswick Place will undergo regeneration featuring wider pavements, new tree planting, improved lighting, seating, active frontages, and stronger pedestrian connectivity with the surrounding neighbourhood.

Hackney (East London Times) November 13, 2026 – The London Borough of Hackney has granted planning permission to property developer HUB for the comprehensive mixed-use redevelopment of Finsgate House, situated immediately north of Old Street Roundabout at 5–7 Cranwood Street. Approved by the council’s planning committee on 11 November 2026, the scheme will replace three existing 1980s office blocks with two buildings of 35 and five storeys, designed by architectural practice Allford Hall Monaghan Morris (AHMM), delivering 490 co-living homes alongside approximately 43,060 sq ft (4,000 sq m) of workspace and a ground-floor community hub.

How Will the Two-Building Scheme Transform the Old Street Site?

The approved plans centre on the demolition of the current five-storey 1980s commercial buildings occupying the 0.1799-hectare island site next to Old Street Station. In their place, AHMM has designed a two-building configuration tailored to balance high-density residential accommodation with modern commercial floorspace in London’s established Tech City business district.

The taller western building will rise to 35 storeys and house 490 purpose-built co-living units. Alongside private living quarters, co-living developments are structured around shared resident amenities and communal spaces. Meanwhile, the shorter eastern building will rise to five storeys and provide approximately 4,000 sq m (43,060 sq ft) of Grade A commercial office accommodation. Within this commercial element, 10 per cent of the floorspace has been ring-fenced as affordable workspace specifically targeted at small and medium-sized enterprises (SMEs).

At street level, the scheme incorporates a flexible community hub on the ground floor, introduced following consultation with local stakeholders to provide accessible space for neighbourhood groups and local activities. Surrounding the two buildings, the public realm across Cranwood Street and Brunswick Place is slated for overhaul through wider pavements, new planting and trees, upgraded street lighting, public seating, active ground-floor frontages, and improved pedestrian routes linking the site to the wider Shoreditch and Old Street neighbourhoods.

What Did Developer HUB Say About the Planning Decision?

Representatives from HUB welcomed the council’s decision, framing the approval as a milestone for its central London residential portfolio. As reported by Alex Funk of Building Design, HUB’s managing director Damien Sharkey stated that

“This decision is a major step forward for our ultra-urban co-living strategy, and reinforces our conviction that this type of housing can be transformational for central London.”

Providing further detail on the scheme’s local context and design engagement, as reported by Show House, Damien Sharkey stated that

“Finsgate House presents a significant opportunity to transform an underperforming and prominent site into something of value to new and existing communities. It will deliver 490 co-living homes and tangible public benefits, in an area of the capital where the current housing offer is limited and demand is extremely high.”

Commenting on the consultation process with nearby residents and businesses, as reported by BE News, Damien Sharkey stated that

“Throughout the design process we have worked closely with local stakeholders to ensure the scheme responds to the priorities of the neighbourhood, so we are proud to have our plans approved by Hackney Council. We look forward to working with our partners to bring this exciting new chapter for Finsgate House forward.”

Why Did the Committee Vote and Affordable Housing Payment Draw Scrutiny?

While the planning committee resolved to back the application on 11 November 2026, planning records and industry coverage highlight specific procedural and financial aspects of the decision. As reported by Pryce, three Hackney councillors voted in favour of the tower while four abstained, with no on-site affordable housing units included within the 35-storey residential building.

Instead of on-site affordable housing, Hackney council planning officers accepted a financial contribution of £18.2 million from the developer to fund affordable housing delivery, including social rented homes, elsewhere within the borough. However, as reported by Alex Funk of Building Design, the Greater London Authority (GLA) did not consider this £18.2 million payment to be the “maximum viable contribution”.

Additionally, as noted by Ian Walmsley of Planning Geek, the committee’s decision represents a conditional resolution to grant permission under application reference 2025/2794 rather than the immediate commencement of construction. Before physical demolition and building works can start on Cranwood Street, the project must still complete legal agreements under Section 106, undergo further mayoral planning review steps, and satisfy reserved matters and pre-commencement planning conditions. As reported by The Architects’ Journal, a formal timeline for the completion of the redevelopment has yet to be confirmed.

What Is the Background of the Finsgate House Development?

Finsgate House is a 1980s commercial office complex situated at 5–7 Cranwood Street, positioned immediately adjacent to Old Street Station and Old Street Roundabout—an area widely known as Silicon Roundabout at the heart of East London’s technology and innovation cluster. Over recent years, the surrounding district has experienced substantial high-rise densification, shifting from low-rise light industrial and traditional office stock toward taller mixed-use towers.

The current redevelopment trajectory began in July 2024, when residential-led developer HUB acquired the Finsgate House island site in a joint venture partnership with global investment firm H.I.G. Capital for £31 million. The acquisition marked the first collaborative project between HUB and H.I.G. Capital, with both parties identifying the three outdated office buildings as a prime opportunity for a living-led, mixed-use regeneration scheme.

Following the £31 million purchase, HUB appointed award-winning architectural practice Allford Hall Monaghan Morris (AHMM) to draw up masterplan proposals. Early iterations of the scheme in August 2025 envisioned approximately 500 co-living homes alongside an adjacent office block. Following pre-application engagement with local community stakeholders and statutory consultees, the formal planning application was refined to 490 shared-living units and 3,956 sq m (roughly 43,060 sq ft) of commercial workspace, progressing through Stage 1 GLA review in early 2026 before reaching Hackney Council’s planning committee in November 2026.

How Could This Development Affect Local Residents, Businesses, and Renters?

The redevelopment of Finsgate House carries direct implications for several distinct groups across Hackney and the Old Street corridor:

• Young Professionals and Single-Person Renters: In a postcode sector (EC1V 1) where HM Land Registry data recorded a median flat sale price of £575,000 between October 2025 and September 2026, the introduction of 490 purpose-built co-living rooms will expand managed rental supply for single-occupant households seeking proximity to central London employment hubs without purchasing property.
• Small and Medium-Sized Enterprises (SMEs): Replacing three 1980s office buildings with a modern five-storey Grade A commercial block will alter the local employment floorspace profile. While total office volume is consolidated compared to the existing three-block footprint, the mandatory allocation of 10 per cent affordable workspace provides ring-fenced, below-market commercial space tailored for local start-ups and growing SMEs in Tech City.
• Existing Neighbourhood Residents and Community Groups: Local residents living near Cranwood Street and Brunswick Place will experience multi-year demolition and construction activity once final Section 106 and mayoral approvals are cleared. Upon completion, however, the ground-floor community hub and public realm upgrades—including wider footpaths, additional greenery, and improved street lighting—are designed to provide dedicated indoor gathering space and safer, greener pedestrian routes around Old Street Station.
• Borough-Wide Housing Applicants: Because no affordable units are being built inside the 35-storey tower itself, the scheme’s contribution to Hackney’s social housing waiting list depends entirely on how effectively the borough deploys the £18.2 million off-site payment to deliver social rented homes elsewhere in Hackney.