Octopus Real Estate has provided a commercial loan to complete the purchase of a site located in Deptford, London.
The site has detailed planning consent for the development of a 484-bed student accommodation scheme, alongside 42 affordable residential apartments.
The loan has been provided to Fosfel Apollo Limited, a joint venture between private investors including Melrose Capital and Hurlington Capital, a property investment and development company focused on the delivery of residential and mixed-use schemes across London and the South East.
The development will comprise 248 private rooms, 81 affordable rooms and 155 studio apartments. 30 of the affordable rooms will be classified as affordable rent, with 12 shared ownership apartments. Permission has also been granted for 17,940 ft2 of retail and light industrial space across the ground and first floors.
The borrower has appointed Allford Hall Monaghan Morris to design the development. The scheme is located within 15-minute walk of both Surrey Quays and South Bermondsey train stations, and residents will be within a 20-minute journey to London Bridge.
James Nunn, Octopus Real Estate, said: 'Demand for student housing continues to far outstrip supply, particularly in London where close to 70% of students in the capital are unable to access purpose-built accommodation. At Octopus Real Estate we’re pleased to be playing our part in helping meet this demand, by providing tailored and specialist funding for transitional assets.'
Octopus Real Estate, part of Octopus Investments, is a specialist real estate investor, with over £3.7 bn in real estate assets and secured lending, and a highly experienced team of over 90 professionals.
