Octopus Property finances £34m Brentwood office-to-resi development
60,000 sq.ft. Brentwood office building to be converted into 104-unit residential block with GDV of £34m
London, 7 November 2016 – Octopus Property today announced it has funded a significant office-to-resi conversion, comprising 104 residential units, on a 60,000 sq.ft. office building in Brentwood, Essex
Despite ongoing Brexit-related market uncertainty, Octopus Property provided the developer, Quinata Global, with a loan for both the acquisition of the office building and ongoing development.
The GDV (gross development value) of the project, which is due to come to market towards the end of 2017, is estimated at £34m. Images are available on request.
Matt Smith, Director of Risk, Octopus Property, commented:
“This was a large loan on a development without pre-sales, and came together against a backdrop of acute market uncertainty in the wake of the EU referendum. But it’s under these conditions that we like to think we thrive and, with the borrower being as experienced as Quinata Global, we managed to stay well within our comfort zone, providing both the acquisition and development finance.”