The site, which will create 49 private and 15 affordable homes, is being developed by MCR Property Group after the loan was provided last month on a 24-month term.

The Eighth Avenue projects aims to score an EPC rating of B by using air source heat pumps and EV charging points.

Through locally sourcing construction materials, MCR Property Group plans to reduce the development’s carbon footprint, while also achieving a net gain of trees by planting new ones and preserving the majority of old ones.

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Andy Scott, head of residential development at Octopus Real Estate, said: “We love partnering with developers who share our vision to reimagine real estate by providing quality sustainable homes.

“We value MCR’s commitment to making green decisions while delivering new homes that will have a positive impact on the local community, and we look forward to seeing the completed scheme.”

David Tracey, COO at MCR Property Group, added: “We are committed to making a positive and lasting impact in the areas in which we work, an aspiration we believe will undoubtedly be carried through here at Aylesbury.”