Octopus provides €36m development loan for mixed-use London site

UK lender Octopus Real Estate is providing developer Matching Green with a £29.6 mln (€36 mln) loan for the development of a mixed residential and commercial site in Bermondsey, London.

Full planning permission has been granted for the development of 111 apartments, plus six commercial units, located at the prime London location. The apartments will comprise a mix of one-, two-, and three-bedrooms, including 42 affordable apartments, while the six commercial units will cover 11,800 sq ft (1,096 m2).

The site is located in Bermondsey, near the City of London and close to public transport links providing good connections within London and to the regions.

Gavin Eustace, head of residential development at Octopus Real Estate, said: 'The strong location of this scheme makes it an attractive choice for both residential and commercial development. 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, commented: 'We are delighted to have secured lending 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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