octopus real estate

Octopus and Sirius complete £69m loan for green development in Dorset

Octopus Real Estate and Sirius Property Finance have completed a £69m loan for London Land Group’s green residential scheme in Poole, Dorset.

The 27-month loan will facilitate the construction of 291 one-, two- and three-bedroom apartments split across five adjacent blocks.

The scheme will also include approximately 8,000 sq ft of commercial space, associated car parking and bike spaces, and a communal landscaped courtyard, as well as a cocktail bar, a fine dining restaurant, roof terraces and communal lounges.

London Land Group will be adopting modern methods of construction (MMC) for the scheme, which will create less waste during the process and reduce the impact on the local community in terms of time on site, dust and delivery movements.

The superstructure of this development will be an offsite precast concrete system, with significant thermal and acoustic performance in order to achieve an EPC rating of A.

Andy Scott, head of residential development at Octopus Real Estate, said: “Within the property industry, we have a duty to work together to develop more energy-efficient housing and to deploy innovative approaches to housebuilding. 

“This site in Poole is a great example of our wider mission at Octopus to reimagine real estate investment by providing finance for assets that will deliver real impact to people and the planet. 

“London Land has been a pleasure to work with, and it was clear from the off that its objectives are aligned with ours. 

“The development is well designed, and the use of MMC will have a direct positive impact on the sustainability and carbon content of the project, and we will be looking to work with more developers which implement these methods in the future.” 

Mario Luca Balducci, co-founder and CEO at London Land Group, commented: “We are driven by a vision to create the best possible lifestyle experience for our residents through innovative, reliable and sustainable developments, which includes delivering improved energy efficiency.

“We’re delighted that Octopus has the funding that enables us to finance a development which has been carefully designed to reduce energy demand and to provide wider benefits to the local community by forming part of a wider, long-awaited regeneration project.”

Devraj Ray, senior associate at Sirius Property Finance, stated: “The journey has been intense, but ultimately so rewarding, as we have invested a huge amount of hard work to structure so many different elements of this deal, which has come together for this fantastic result. 

“We now wait to see the amazing 291-unit seafront development in Poole rise from the ground and take shape.”

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