Octopus Real Estate has completed a £1.7m commercial bridge loan with Aspire Group secured on 2.19 acres of land with planning permission for a 60-bedroom care home in Odiham, Hampshire.
The site also has consent for 30 residential properties on adjoining land. The loan has now been redeemed with the sale of the care home site to Barchester Healthcare.
James Nunn, commercial fund manager at Octopus Real Estate, said: “This exemplifies exactly the kind of loan we specialise in here at Octopus. As a non-bank lender, we were able to provide speedy, bespoke finance for this development, which will have a positive impact on the local community whilst delivering much-needed, fit-for-purpose, quality homes and care beds that go towards helping to solve the housing crisis.
“As an experienced investor in care homes as well as a lender, we were uniquely positioned to support the Aspire team with this loan. It’s been really satisfying to join the dots between the Octopus Real Estate teams and work together to get this one over the line.”
Michael Lucas, managing director, Aspire Group, added: “Octopus fully understood our ambitions for this site, having experience across the whole spectrum of real estate. The team are always a pleasure to work with – extremely professional, transparent and rapid. We know that there’s pent up demand for care homes in this area, so we are very proud to play a significant part in delivering these vital beds for older members of the community.
“The residential portion of the site will also deliver 14 much needed affordable homes to the area. Aspire have a development pipeline of in excess of 1,000 care beds across the UK and we look forward to working with Octopus across our portfolio.”
