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Octopus Real Estate has provided a £24m loan to Wavensmere Homes to bring about the £75m redevelopment of the historic Friar Gate Goods Yard in Derby city centre. The nationally significant mixed-use project will reanimate two landmark Grade II listed buildings into over 110,000 sq ft of commercial space, alongside 276 new build homes.
The funding agreement marks the second time Octopus Real Estate (part of Octopus Investments) and Wavensmere Homes have teamed up to deliver brownfield regeneration in Derby. The lender provided a £22m loan to facilitate the redevelopment of the former Derbyshire Royal Infirmary – off London Road – into the £175m Nightingale Quarter, which is now in the final phase of construction.
Nick White, Head of Development Origination at Octopus Real Estate, said: “At Octopus Real Estate, we always want to work with stellar developers who are aligned with our vision and values.
“Wavensmere has a strong reputation for delivering high-quality, sustainable homes to local communities by meticulously restoring heritage assets. We are thrilled to be working with this dynamic team again, and look forward to watching the positive impact the re-birth of Friar Gate Goods Yard will have on the city of Derby.”
Within a matter of
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