The loan will fund the development of 19 one-, two- and three-bed residential units and 11,000 sq ft of retail space in Chalk Farm, north London.

The residential development is the first facility agreed by Octopus since the launch of its lower-priced development finance product.

Emma Burke, head of development origination at Octopus Property, said: “We are delighted to be working with one of London’s most respected property companies, helping them to achieve the best possible return on their equity.

“This is one of the many examples of our ability to take a seemingly complex requirement and make quick decisions, completing this deal in just six weeks from agreed terms stage to acquisition, with the construction tranche drawing four weeks later.

•   Octopus completes £4.2m bridge despite complex challenges
•   Octopus completes £6.4m of loans in one week
•   Exclusive: Together saves 218-home development

“The development facility follows the launch of the company’s latest development finance product, which will allow us to meet the needs of a growing pool of potential clients who require attractively priced facilities on lower LTVs.”

The proposed site is the former home of Marine Ices (pictured above) – one of Camden’s most iconic businesses – which launched in 1931.

The new development will look to maintain the original façade and construct a five-storey building, including a basement and ground-floor commercial space.

Alan Fordham, managing director at Bellis Homes, added: “We are delighted to be working with Octopus Property.

“Chalk Farm remains one of the most sought-after locations in inner London and when this opportunity arose the term sheet offered by Octopus Property best met our needs.

“Completion was swift, mainly due to the fact that the experienced team at Octopus was able to stay with us every step of the way.”