18th September 2019
Octopus funds Welwyn resi scheme
Octopus Real Estate, part of Octopus Group and a UK specialist real estate investor, has agreed to provide a £21.2m loan to Wheat Quarter to develop a brownfield site in Welwyn Garden City.
The Wheat Quarter site, the former home of a Shredded Wheat factory, has detailed planning consent which will see it transformed into a residential-led development which will include 697 residential units, 114 retirement units and 130,000 sq ft of commercial space.
The last 12 months have seen Octopus fund several large consented sites totalling £58m across the country, including in Luton, Harlow, Derby, Watford, Manchester, and Limehouse.
Ludo Mackenzie, head of commercial property at Octopus, said: “This is another significant development site for us in the UK. The Wheat Quarter development is an exciting project that will deliver over 1,300 homes. Less than half an hour train ride from London, alongside the proximity to historic market towns and an airport, gives the development mass appeal.”
John West, Wheat Quarter, added: “We are delighted to have concluded the refinance on the Wheat Quarter Project and to establish a new relationship with both Octopus Real Estate and BBS Capital, both of whom provide full understanding and commitment to provide an exemplar service on finance and development.”
The original article can be found here.