Reading time: 1 min

Funding of a £20 million senior debt facility for a residential scheme

14 Feb 2018 By Octopus Real Estate

We provided an 18 month, senior debt facility of over £20 million to Ktesius Projects, the experienced London-based developer, for the development of 70 one, two and three bed residential units, and ground floor commercial space, in Brighton.

Located in the Valley Gardens Conservation Area, one of the town’s most desirable neighbourhoods, the former Brighton Astoria Cinema is just a short walk from the historic Brighton Palace Pier. The scheme, approved in January, has a Gross Development Value of over £35 million, with individual units priced from c. £295,000.

Construction has commenced on the seven storey building, which will be U-shaped in design and incorporate a landscaped central courtyard. The scheme will offer residents access to a communal gym, TV room, locker storage, community room as well as 72 bicycle racks. Unit completion is expected in late 2019. 

The development offers panoramic views across Victoria Gardens public park. It benefits from its close proximity to Brighton train station, providing access in 30 minutes to Gatwick Airport and London Victoria in one hour. 

Ken MacRae, CEO of Ktesius Projects, said: 

“This is one of the most exciting projects we have undertaken to date, taking an historic building and developing it into much-needed residential units in one of the most desirable parts of Brighton. 

Finding a lender who fully understood our deal requirements from the outset was vital, and working with Octopus has been a truly collaborative process. We are committed to growing our residential portfolio across the South East into 2018 and look forward to the opportunity to work with Octopus again.”

Arc & Co., the specialist asset finance advisory company based in Mayfair, London, acted as broker.

We provided an 18 month, senior debt facility of over £20 million to Ktesius Projects, the experienced London-based developer, for the development of 70 one, two and three bed residential units, and ground floor commercial space, in Brighton.

Located in the Valley Gardens Conservation Area, one of the town’s most desirable neighbourhoods, the former Brighton Astoria Cinema is just a short walk from the historic Brighton Palace Pier. The scheme, approved in January, has a Gross Development Value of over £35 million, with individual units priced from c. £295,000.

Construction has commenced on the seven storey building, which will be U-shaped in design and incorporate a landscaped central courtyard. The scheme will offer residents access to a communal gym, TV room, locker storage, community room as well as 72 bicycle racks. Unit completion is expected in late 2019. 

The development offers panoramic views across Victoria Gardens public park. It benefits from its close proximity to Brighton train station, providing access in 30 minutes to Gatwick Airport and London Victoria in one hour. 

Ken MacRae, CEO of Ktesius Projects, said: 

“This is one of the most exciting projects we have undertaken to date, taking an historic building and developing it into much-needed residential units in one of the most desirable parts of Brighton. 

Finding a lender who fully understood our deal requirements from the outset was vital, and working with Octopus has been a truly collaborative process. We are committed to growing our residential portfolio across the South East into 2018 and look forward to the opportunity to work with Octopus again.”

Arc & Co., the specialist asset finance advisory company based in Mayfair, London, acted as broker.

Related articles

Our new partnership with Homes England, Greener Homes Alliance
News
21 Oct 2021

Our new partnership with Homes England, Greener Homes Alliance

Octopus Real Estate have partnered with Homes England, the Government’s housing delivery agency, to create the Greener Homes Alliance. The new Alliance commits £175 million, providing both loan finance and expert support to SME housebuilders, enabling them to build more high quality, energy efficient homes throughout England.
Ground-breaking Ceremony at Brendoncare St Giles View
News
1 Jul 2021

Ground-breaking Ceremony at Brendoncare St Giles View

Benjamin Davis & Michael Toft from the Octopus team recently attended the ground-breaking ceremony to mark the new care home construction of Bredoncare St Giles View in Winchester. It has been custom designed by our healthcare development team for The Brendoncare Foundation who will lease and operate the new home.
Share