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Development lending Reading time: 1 min

Development loan turning vacant office block into 174 new homes

£36.8 million development loan

What we’ve funded

As part of our commitment to providing capital to regenerate the UK and drive sustainable development across the country, we lent £36.8 million to Sheen Lane Developments to convert a vacant office block in Addlestone, Surrey, into 174 new homes.

We want to help address shortages in quality housing experienced across the UK. This development will include four studio apartments, 158 one-bedroom apartments, and 12 two-bedroom apartments, with communal areas and 235 parking spaces. The building will be extended by two additional floors to maximise the number of units delivered to market.

How we’re making an impact

Octopus Real Estate backs and supports innovative developments and developers that take steps to minimise environmental impact.

The existing structure at Aviator 1 is being repurposed, significantly reducing the embodied carbon of the new development. The development will also be fitted with a solar panel array and EV chargers, and as many materials as possible will be reused on-site. Where this isn’t possible, existing materials will be recycled.

We’ve also been able to provide support to Sheen Lane Developments regarding any sustainability concerns. This project is part of our commitment to making a positive impact on the environment. By investing in sustainable real estate, we can help reduce our carbon footprint and create a more sustainable future for everyone.

“We are delighted to have made this acquisition with financing from Octopus Real Estate. The conversion of commercial properties to residential is often met with opposition and scepticism, but when done properly and in sustainable residential locations, the end result can be fantastic. We are excited to get started and bring forward these much-needed homes to Addlestone.” 

Martin Tynan, Sheen Lane Developments 

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Through our Greener Homes Alliance initiative, we provided a £10.7 million fixed rate development facility in conjunction with Homes England. The Greener Homes Alliance offers interest rate discounts for developments where all homes are delivered with a SAP score of 85 and higher, with the highest discount set at 2% for homes delivered with a SAP score of 92 or higher (EPC A rating).