octopus real estate

Octopus Real Estate to lend £29.6m for prime London mixed-use development

Octopus Real Estate has agreed to provide a £29.6m loan to property developer Matching Green for the ground-up development of a mixed-use site in Bermondsey, London.

Full planning permission has been granted for the scheme, which consists of 111 apartments — of which 42 will be affordable — in addition to six commercial units.

It will comprise a mix of one-, two- and three-bedroom apartments, with the commercial units covering 11,800 sq ft.

“The strong location of this scheme makes it an attractive choice for both residential and commercial development,” said Gavin Eustace, head of residential development at Octopus Real Estate.

“The commuter links and the proximity to the city of London will make the development an appealing option to future residential and commercial tenants.

London remains an attractive investment opportunity for developments and demand is still high.”

James Allen, owner of Matching Green, added: “We are delighted to have secured [finance] from Octopus Real Estate, whose practical and flexible approach has allowed us to take further steps towards the development of this exciting project.

“Neighbourhoods in London, such as Bermondsey, continue to be sought after locations for residents and businesses, and so we believe this development will provide us with an opportunity to meet the needs of both.”

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