- Commercial bridge to fund acquisition of six freehold plots with planning for landmark, mixed-use development
- Proposed scheme part of one of Europe’s largest redevelopments
- Continues lending momentum outside of the South-East
Specialist property lender Octopus Property, part of the Octopus Group, has agreed to provide Edinburgh Marina Ltd (“Edinburgh Marina”), owned by an established family office, with a £10 million commercial bridging loan. This is for the acquisition of six freehold plots that form part of the Granton Harbour Estate and will form the heart of the new Edinburgh Marina development.
Totalling c. 19 acres, planning consent has been granted for a 340-berth marina and more than 100 retirement living apartments. Detailed planning is expected imminently for 440 residential apartments, a 187-room hotel with a 20,000 sq ft spa & fitness centre and a 10,000 sq ft conference & banqueting facility.
Ludo Mackenzie, Head of Commercial Property at Octopus Property, commented:
“This is a significant transaction for Octopus Property, as we continue to build our loan book exposure in and around Scotland’s largest cities, where the underlying market fundamentals continue to support real estate development and investment. The Edinburgh Waterfront site is one of the most ambitious projects being undertaken in Europe and with the next phase generating significant interest from a range of financial institutions, it’s a scheme we are extremely comfortable being involved with.”
Ideally located less than three miles from Edinburgh city centre and under 20 minutes’ drive from Edinburgh Airport, Granton Harbour forms part of the 346-acre Edinburgh Waterfront site, one of Europe’s largest redevelopment sites that stretches for two miles along the Firth of Forth and which will provide up to 7,500 new homes.
John Charcol acted as broker for Octopus Property & PIP Asset Management acted for Edinburgh Marina Ltd.
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For journalists in their professional capacity only. Personal opinions may change and should not be seen as advice or a recommendation. We do not offer investment or tax advice. Issued by Octopus Property. Octopus Property is the trading name of Bridgeco Ltd (Reg No 6629989), Fern Trading Ltd (Reg No 6447318), Nino Ltd (Reg No 9015082), Octopus Property Lending Ltd (Reg No 7531926) and Octopus Co-Lend Ltd (Reg No 8913299), Registered Office: 33 Holborn, London EC1N 2HT, registered in England and Wales and Dragonfly Finance S.ar.l. (Reg No B189290) Registered Office: Parc d’Activité Syrdall, 6 Rue Gabriel Lippmann, L-5365, Munsbach, Luxembourg registered in Luxembourg. Octopus Property Lending Ltd and Octopus Co-Lend Ltd are authorised and regulated by the Financial Conduct Authority. Issued July 2018.