Specialist property lender Octopus Property has provided a £10m commercial loan to fund the acquisition of six freehold sites, with planning for a 340-berth marina and more than 100 retirement living apartments, in Edinburgh.
This is part of Octopu’s strategy to grow the loan book exposure in major UK cities that are seeing strong demand for property investment and development.
Octopus has agreed to provide Edinburgh Marina, owned by an established family office, with a £10m commercial
bridging loan. This is for the acquisition of six freehold plots that form part of the Granton Harbour Estate and will form the heart of the new Edinburgh Marina development.
Around 19 acres, planning is expected imminently for 440 residential apartments, a 187-room hotel with a 20,000 sq ft spa and fitness centre, and a 10,000 sq ft conference and banqueting facility.
Ludo Mackenzie, Head of Commercial Property at Octopus Property, said: “This is a significant transaction for Octopus Property, as we continue to build our loan book exposure in and around Scotland’s largest cities,
where the underlying market fundamentals continue to support real estate development and investment. The Edinburgh Waterfront site is one of the most ambitious projects being undertaken in Europe and with the next phase generating significant interest from a range of financial institutions, it’s a scheme we are extremely comfortable being involved with.”
John Charcol acted as broker for Octopus Property and PIP Asset Management acted for Edinburgh Marina.