Specialist real estate investor Octopus Real Estate has provided a £24 mln (€28.7 mln) loan to Wavensmere Homes to support their £75 mln (€89.9 mln) redevelopment project in Derby city centre.
The project involves converting two Grade II-listed properties into a mixed-use development featuring 10,219 m2 of commercial space and 276 new homes.
The Friar Gate Goods Yard, a derelict site since 1972, will be restored to include office space, a gym, a restaurant, a cafe, and a regional sales centre for Wavensmere Homes. Additionally, the development will feature pocket parks and play areas. The new homes will consist of 227 townhouses and 49 apartments, aiming for an EPC A rating.
Matt Brighton, commercial director at Wavensmere Homes, said: ‘Derby has become a hotbed of regeneration activity, with compelling socio-economic metrics that support our level of commitment and investment. Octopus Real Estate is a proven and trusted partner of Wavensmere, and we’re pleased to be working together on such a significant mixed-use scheme’.
Nick White, head of development origination at Octopus Real Estate, added: ‘Wavensmere has a strong reputation for delivering high-quality, sustainable homes to local communities by meticulously restoring heritage assets.’
Wavensmere Homes is collaborating with Glancy Nicholls Architects and Pegasus Group on the project.
The elevated area near Friar Gate Bridge will be transformed into a public space for community use. New access points for vehicles, pedestrians, and cyclists will be created, and the Mick Mack cycling route will be extended.
This is the second time Octopus Real Estate has partnered with Wavensmere Homes on a Derby redevelopment project. Their previous collaboration involved the £175 mln (€209.7 mln) Nightingale Quarter, which is currently in its final phase of construction.
