Wavensmere Homes has secured a £24m loan from Octopus Real Estate for the redevelopment of the historic Friar Gate Goods Yard in Derby city centre.
The mixed-use project will reanimate two landmark Grade II listed buildings into more than 110,000 sq ft of commercial space, alongside 276 new build homes.
Matt Brighton, commercial director at Wavensmere Homes, said: “We are proud of how Nightingale Quarter has been received by the residents who live there, the wider local community, politicians, and regional and national commentators. Located a mile away across the city centre, Friar Gate Goods Yard is another unique and emotive restoration project that we are fortunate to have the expertise and resources to undertake.
“Securing a £24m loan facility to draw down from during construction will enable us to commence work without delay and deliver an uninterrupted development programme. Derby has become a hotbed of regeneration activity, with compelling socio-economic metrics that support our level of commitment and investment. Octopus Real Estate is a proven and trusted partner of Wavensmere, and we’re pleased to be working together on such a significant mixed-use scheme.”
Nick White, head of development origination at Octopus Real Estate, added: “At Octopus Real Estate, we always want to work with stellar developers who are aligned with our vision and values. Wavensmere has a strong reputation for delivering high-quality, sustainable homes to local communities by meticulously restoring heritage assets. We are thrilled to be working with this dynamic team again, and look forward to watching the positive impact the re-birth of Friar Gate Goods Yard will have on the city of Derby.”
