Octopus Property funds Edinburgh Marina site acquisitions with £10m bridging loan
Specialist property lender Octopus Property, part of the Octopus Group, has agreed to provide Edinburgh Marina Ltd (“Edinburgh Marina”), owned by an established family office, with a £10 million commercial bridging loan. This is for the acquisition of six freehold plots that form part of the Granton Harbour Estate and will form the heart of the new Edinburgh Marina development.
Totalling c.19 acres, planning consent has been granted for a 340-berth marina and more than 100 retirement living apartments. Detailed planning is expected imminently for 440 residential apartments, a 187-room hotel with a 20,000 sq ft spa & fitness centre and a 10,000 sq ft conference & banqueting facility.
Ludo Mackenzie, Head of Commercial Property at Octopus Property, commented:
“This is a significant transaction for Octopus Property, as we continue to build our loan book exposure in and around Scotland’s largest cities, where the underlying market fundamentals continue to support real estate development and investment. The Edinburgh Waterfront site is one of the most ambitious projects being undertaken in Europe and with the next phase generating significant interest from a range of financial institutions, it’s a scheme we are extremely comfortable being involved with.”
Ideally located less than three miles from Edinburgh city centre and under 20 minutes’ drive from Edinburgh Airport, Granton Harbour forms part of the 346-acre Edinburgh Waterfront site, one of Europe’s largest redevelopment sites that stretches for two miles along the Firth of Forth and which will provide up to 7,500 new homes.
John Charcol acted as broker for Octopus Property & PIP Asset Management acted for Edinburgh Marina Ltd.