Octopus Real Estate provides £29.6m development finance loan for mixed-use site in prime London location
Octopus Real Estate, part of Octopus Group and a leading UK specialist real estate lender and investor, has agreed to provide Matching Green with a £29.6 million loan for the ground up development of a mixed residential and commercial site in Bermondsey, London.
Full planning permission has been granted for the development of 111 apartments, plus six commercial units, located at the prime London location. The apartments will be comprised of a mix of one, two and three-bedrooms, including 42 affordable apartments, while the six commercial units will cover 11,800 sq ft.
The site is located in Bermondsey, only a 20-minute walk from the City of London and close to good transport links providing good connections within London and to the regions, with Bermondsey Underground station just a 7-minute walk and London Bridge Station 20-minute walk.
Gavin Eustace, Head of Residential Development at Octopus Real Estate, said:
“The strong location of this scheme makes it an attractive choice for both residential and commercial development. The commuter links and the proximity to The City of London will make the development an appealing option to future residential and commercial tenants. London remains an attractive investment opportunity for developments and demand is still high.”
James Allen, Owner of Matching Green, commented:
“We are delighted to have secured lending from Octopus Real Estate, whose practical and flexible approach has allowed us to take further steps towards the development of this exciting project. Neighbourhoods in London such as Bermondsey continue to be sought after locations for residents and businesses, and so we believe this development will provide us with an opportunity to meet the needs of both.”