The location — the former home of a Shredded Wheat factory — has detailed planning consent to be converted into a residential-led development comprising 697 residential units, 114 retirement units and 130,000 sq ft of commercial space.
The scheme is located close to amenities in the surrounding area, including St Albans and Luton airport.
The development is targeting buyers looking for good commuter links to London and Cambridge, as well as those looking to downsize.
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Octopus Real Estate has funded several large consented sites totalling £58m across the country in the past 12 months, including Luton, Harlow, Derby, Watford, Manchester and Limehouse.
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.
“[Being] less than [a] half-an-hour train ride from London, alongside the proximity to historic market towns and an airport, gives the development mass appeal.”
John West, development manager at Wheat Quarter Ltd, added: “We are delighted to have concluded the refinance on the Wheat Quarter project.”