Octopus to provide £21.2m development loan
Octopus Real Estate will provide a £21.2m loan to Wheat Quarter to transform a brownfield site in Welwyn Garden City into a residential-led development.
The Wheat Quarter site, the former home of a shredded wheat factory, has planning consent which will transform it 697 residential units, 114 retirement units and 130,000 sq ft of commercial space.
Ludo Mackenzie, head of commercial property at Octopus Real Estate, 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 of Wheat Quarter Ltd 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.”
Wheat Quarter Ltd was advised by specialist real estate debt adviser BBS Capital.
Adam Buchler, BBS Capital, said: “We are delighted to have enabled our client secure the funding required to move this project forward on this iconic site in Welwyn Garden City.”
In the last 12 months Octopus Real Estate has funded several large consented sites totalling £58m across the country, including in Luton, Harlow, Derby, Watford, Manchester and Limehouse.