Octopus Real Estate completes £28.3 million residential development refinance
Octopus Real Estate, part of Octopus Group and a leading UK specialist real estate lender and investor, has worked with Pure Commercial Finance to complete the £28.3 million refinancing of UK Regeneration’s 970-acre development site in Biggleswade, Bedfordshire.
The site is comprised of two parts. The first is a 270-acre site which benefits from planning consent for 1,500 residential dwellings and an agreed Section 106. The second part is an immediately neighbouring 700-acre site that has been zoned by Central Bedfordshire Council for future residential development.
The site is in a prime location for residential development being situated between Bedford and Cambridge. It is immediately adjacent to the newly constructed Baden Powell Way which connects directly to the A1 duel carriageway. Biggleswade mainline station is just five minutes away, from where regular direct trains reach London Kings Cross within 40 minutes.
Having worked on the concept since 2015, UK Regeneration has assembled a large and complex site that will support the sustainable growth of Biggleswade. Development of the first site will be delivered on a phased basis whilst the borrower works concurrently with Central Bedfordshire Council to ensure that the wider site gains consent and is delivered.
The last 12 months has seen Octopus Real Estate set a range of new lending records. It has completed numerous commercial loans, each in excess of £20 million, across the country and on a wide variety of asset classes. The company’s appetite to lend both in the capital and the regions is as strong as ever, with recent completions in Bedfordshire, Derbyshire, Essex, Hertfordshire, Lancashire, London, Somerset and Suffolk underlining its broad national coverage.
Dominic Gibson, pictured, Investment Director, Octopus Real Estate, commented:
“This is an extremely well-located site in a highly desirable part of the country. With strong commuter links to London, Cambridge and Bedford and a lack of family housing in the wider area, we are confident that the long-term development will attract strong demand. UK Regeneration’s vision and desire to deliver high quality, sustainable housing is clear, and we are very pleased to support them as they progress this exciting project.”
Jackie Sadek, Chief Operating Officer, UK Regeneration, said:
“We’ve been working on this evolving scheme since 2015 so it has been fantastic to partner with Octopus Real Estate as we move ever closer to its delivery. Working closely with Central Bedfordshire Council, the long-term plans will deliver a range of high quality, sustainable homes and create important new communities. Octopus Real Estate was quick to recognise the transformative impact of the scheme and with their aligned views on quality, sustainability and certainty, they have been a truly fantastic finance partner to us.”
Ben Lloyd, Managing Director, Pure Commercial Finance, commented:
“Completing the refinancing of this strategic development site is an extremely important step in bringing forward the long-term delivery plan. We have worked closely with both UK Regeneration and Octopus Real Estate for many years and on many projects, so we were extremely pleased to bring such well suited parties together on this complex project.”