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Octopus provides £9.7m funding for Uxbridge and Bristol projects

Octopus Real Estate is set to provide £9.7m of development finance to projects in Uxbridge and Bristol.

The Uxbridge project involves a development finance loan of £5.8m to developer Kings Oak Brunel LLP, which will facilitate the conversion of an office to a residential site.

The building will be converted into 28 apartments including 16 one-bedroom and 12 two-bedroom apartments.

The scheme in Bristol is a development finance loan of £3.9m to an individual developer which will facilitate the site purchase and the ground up development of 19 apartments.

These include eight one-bedroom, nine two-bedroom and two three-bedroom apartments and the development will also include two commercial units.

Gavin Eustace, head of residential development at Octopus Real Estate, said: “We continue to lend to developers in both London and the regions.

“London remains an attractive investment opportunity for developments in the right location, as demand is still high, and developers in the regions can benefit from a higher rental yield in some areas.

“We always enjoy working with experienced developers helping their development projects become a reality.

“Where there continues to be demand for development finance from our clients, we will continue to support and lend.”

 

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