Funding boost for new Gorgie superflats

The transformation of former council office blocks in Gorgie into flats has been aided by a £20 million cash injection.

Tuesday, 18th September 2018, 7:39 pm
Updated Tuesday, 18th September 2018, 8:01 pm
£20 million funding boost for former Chesser House office buildings on Gorgie Road.
£20 million funding boost for former Chesser House office buildings on Gorgie Road.

The £30 million residential development was launched by Regency Residential, part of the MCR Property Group in April.

Located on Gorgie Road, the Elfin Square development gained planning consent to convert the two former Chesser House, including 40 affordable houses and retail and leisure space at ground level.

And now specialist property lender Octopus Property, part of the Octopus Group, has agreed to provide MCR Property Group, with a £20 million development loan, to help build the 163 apartments.

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Head of Residential Development at Octopus Property Gavin Eustace said: “This is an exciting project to be involved with, in what is one of Europe’s most dynamic and strong performing cities. We are particularly comfortable working alongside a developer with a track record of delivering high quality schemes across the UK and hope this is the start of a long and mutually beneficial relationship.”

The apartments will be sold by MCR Property Group’s residential sales arm, Regency Residential and called Elfin Square.

Chris Taylor, Managing Director of Regency Residential, said: “Edinburgh’s population exceeds half a million and is growing, but there continues to be a major issue with undersupply of quality homes. Considering the city’s documented potential, developing residential space is absolutely key.”

It July Octopus Property announced a £10 million acquisition loan for the Edinburgh Marina project.

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