MCR

Octopus Property to provide £20m loan for Scottish residential development



Octopus Property has agreed to provide MCR Property Group with a £20m development loan to convert a former office building in Edinburgh into 163 apartments.

Planning permission has been secured to convert Chesser House into a mixed-use development that will be known as Elfin Square and comprise 123 one-, two- and three-bed private apartments for sale, alongside 40 affordable units and a commercial premise.

This loan continues the specialist lender’s regional expansion and comes after Octopus agreed to provide Edinburgh Marina Ltd with a £10m commercial bridging loan to fund the acquisition of six freehold plots. 

“This is an exciting project to be involved with in what is one of Europe’s most dynamic and strong performing cities,” said Gavin Eustace, head of residential development at Octopus Property.

“We are particularly comfortable working alongside a developer with a track record of delivering high-quality schemes across the UK and hope this is the start of a long and mutually beneficial relationship.”

The private apartments have been renamed ‘Embankment West’ and will be sold by MCR Property Group’s residential sales arm Regency Residential.

Chris Taylor, managing director at Regency Residential, added: “Edinburgh’s population exceeds half a million and is growing, but there continues to be a major issue with undersupply of quality homes.

“Considering the city’s documented potential, developing residential space is absolutely key.”

Regency Residential and MCR Property Group were recently granted planning approval for a scheme in Birmingham called New Monaco which will comprise 1,009 units.


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