The loan provided to Sheen Lane Developments will finance the conversion of the former office block in Addlestone, Surrey, into four studio apartments, 158 one-bed and 12 two-bed apartments, with communal areas and 235 parking spaces.

The building will also be extended by two additional floors to maximise the number of units delivered to market.

The development will be fitted with a significant solar panel array, EV chargers, and as many materials will be reused on site as possible; where this isn’t possible, existing materials will be recycled.

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Nick White, head of development origination at Octopus Real Estate, commented: “Repurposing existing buildings where possible has a significant impact on the embodied carbon of the development, this is therefore an excellent way to bring homes to the local community in an environmentally friendly way.

“Sheen Lane Developments have an incredible track record in successfully delivering office to residential conversions, so we are thrilled to be financing its vision for these new homes.”

Martin Tynan, director at Sheen Lane Developments, added: “The conversion of commercial properties to residential is often met by opposition and scepticism but, when done properly, and in sustainable residential locations, the end result can be fantastic.

“We are excited to get started and bring forward these much-needed homes to Addlestone.”