Octopus

Octopus provides Edinburgh Marina with £10m commercial bridge



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Octopus Property has agreed to provide Edinburgh Marina Ltd with a £10m commercial bridging loan to fund the acquisition of six freehold plots which will form a new Edinburgh Marina development.

The plots (pictured above) make up part of the Granton Harbour Estate, which has planning consent for a 340-berth marina and more than 100 retirement living apartments.

Detailed planning is expected soon for 440 residential apartments, a 187-room hotel with a 20,000 sq ft spa and fitness centre and a 10,000 sq ft conference and banqueting facility.

The site is located less than three miles from Edinburgh city centre and Granton Harbour forms part of the 346-acre Edinburgh Waterfront site, which will provide up to 7,500 new homes.

“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,” said Ludo Mackenzie, head of commercial property at Octopus Property.

“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.”

John Charcol acted as broker for Octopus Property, while PIP Asset Management represented Edinburgh Marina.

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