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Developer Wavensmere Homes has landed a £24m loan from Octopus Real Estate to bring about the £75m redevelopment of the historic Friar Gate Goods Yard in Derby city centre.
The mixed-use project will regenerate two landmark Grade II listed buildings into over 110,000 sq ft of commercial space, alongside 276 residential units.
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
link source - The Business Desk