Specialist lender Octopus Property has backed developer London Green and Orlandis Capital with a £12.6m senior loan to fund the acquisition of an office building with permitted development on the Isle of Dogs.
Boatman’s House in London’s Docklands is a 53,000 sq ft part-vacant office property which the JV partners plan to convert into a £50m GDV residential scheme.
The waterside property was acquired for a total of £18m, part-funded by the loan from Octopus, and already has approval for a PDR conversion to 63 residential apartments comprising a mix of studios as well as one and two bedroom flats.
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