Octopus Real Estate has completed a £27 million loan secured on a 170,000sq ft office scheme in Exeter. The loan has refinanced Winslade Park and will provide additional funds to the borrower as they deliver the refurbishment and letting of further phases.
The former AVIVA campus, which had sat vacant for a number of years, is being sensitively repurposed and regenerated by Burrington Estates. The first phase of the scheme provides state-of-the-art business accommodation with Grade-A office, conference, and co-working space. The park’s Georgian manor house provides a central hub with best-in-class restaurant, bar, serviced office, and gym facilities. Further phases of the scheme will provide flexible, modern office space, well suited to accommodate both headquarters’ operations and businesses with larger requirements. Winslade Park also includes extensive wellness facilities and high-quality residential space. The ongoing development of the 86-acre estate will enhance its offering as the leading work and lifestyle community in the Exeter market.
Winslade Park has committed to a three-year plan to develop and integrate on-site renewable energy generation and infrastructure, which fits with Octopus’ status as a B Corp and its commitment to being carbon neutral by 2030. Funding borrowers to regenerate assets of this nature is well aligned with the organisation’s dedication to continuously improving the markets in which it operates.
Dominic Gibson, Investment Director, Octopus Real Estate, commented: “I sincerely hope that opportunities to fund regeneration schemes like this become the norm in the years ahead. This is a fantastic asset that provides exactly what modern occupiers are seeking: high quality workspace, superb amenities, and a highly accessible location. Burrington Estates is an experienced counterparty, and we are delighted to be supporting the company. It has delivered an exceptional product which has been met with extremely strong occupier demand. Octopus has always been committed to funding strong borrowers with strong assets across the country. This loan underlines our belief in the importance of regional markets, and our continuing support for borrowers across the UK and Ireland.”
Mark Edworthy, Group Managing Director, Burrington Estates, commented: “We’ve had a great relationship with the Octopus Group for many years. It has always sought to work in partnership with its clients, which is exactly what we needed at Winslade Park. The Real Estate team understood our business plan and structured a flexible loan facility that will enable us to deliver it. Their knowledge of the real estate market and their ability to see things from a borrower’s perspective really sets them apart. Their support for asset regeneration was always clear, meaning that we had aligned interests from the outset. We very much look forward to delivering the next phases of the scheme with Octopus’ support, before moving onto future projects together.”