The first part of the site is a 270-acre area which has planning consent for 1,500 residential dwellings and an agreed section 106.

Central Bedfordshire Council has also zoned the second site — a 700-acre plot in a neighbouring area — for future residential development.

UK Regeneration has worked on the concept since 2015, with development of the first site expected to be delivered on a phased basis while the borrower works concurrently with Central Bedfordshire Council to ensure that the wider site gains consent.

•   DFT roundtable: What areas of property development finance finance are most underserved?
•   DFT roundtable: What areas of property development finance finance are most underserved?
•   Octopus provides £9.7m development finance for residential projects
•   Octopus Real Estate opens Manchester office

“We have worked closely with both UK Regeneration and Octopus Real Estate for many years and on many projects, so we were extremely pleased to bring such well-suited parties together on this complex project,” said Ben Lloyd, managing director at Pure Commercial Finance (pictured above).

Dominic Gibson, investment director at Octopus Real Estate, added: “UK Regeneration’s vision and desire to deliver high-quality, sustainable housing is clear, and we are very pleased to support it as it progresses this exciting project.”