Octopus Real Estate, part of Octopus Investments, has provided a commercial loan to complete the purchase of a site located in Elephant and Castle, Central London. The site contains detailed planning consent for the development of a 244-bed student accommodation scheme.
The loan has been provided to Alumrose, a joint venture between Melrose Capital and Alumno Group, a specialist provider of high-quality and modern student accommodation. The borrower intends to develop 206 purpose-built studio rooms and 38 two-bedroom apartments, all benefiting from en-suite bathrooms. Permission has also been granted for 1,500 square feet of retail space on the ground floor, providing amenities for local residents.
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