Bellis Homes has secured an £15.1m loan from Octopus Property for the development of 19 one, two and three bed residential units and 11,000 sq ft of retail space, in Chalk Farm, north London.
The existing site comprises the former home of Marine Ices, a well-known Camden ice cream shop that dates back to 1931. The new development will seek to maintain the original façade to construct a five-storey building with basement and ground floor commercial space.
Alan Fordham, managing director at Bellis Homes, said: “Chalk Farm remains one of the most sought after locations in inner London and when this opportunity arose the term sheet offered by Octopus Property best met our needs.”
It is the first facility agreed by Octopus following the launch of its new, lower priced development finance product, priced at 0.54% per month for loans up to 60% loan-to-gross development value.