Octopus Real Estate has provided a £36.8m development loan to Sheen Lane Developments to repurpose and extend a vacant office block in Surrey into 174 homes.
Sheen Lane Development’s Addlestone scheme comprises four studio apartments, 158 one-bedroom apartments and 12 two-bedroom apartments, with communal areas and 235 parking spaces.
Nick White, head of development origination at Octopus Real Estate, said: “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 director Martin Tynan said: “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.”
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