Sheen Lane Developments has secured a £36.8m development loan from Octopus Real Estate to convert a vacant office block in Surrey into 174 residential apartments.
The office in Addlestone will be repurposed and extended by two additional floors to provide four studio apartments, 158 one-bedroom apartments and 12 two-bedroom apartments.
The development will repurpose the current structure of the office block with as many materials reused on site as possible. In addition, the development will be fitted with a significant solar panel array and EV chargers.
Nick White, head of development origination at Octopus Real Estate, said: “At Octopus Real Estate we are always keen to support and collaborate with developers that share our mission to bring high quality homes to the UK. 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 their vision for these new homes.”
Martin Tynan, from Sheen Lane Developments, added: “We are delighted to have made this acquisition with financing from Octopus Real Estate. 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.”
