Octopus Real Estate has completed a £27m refinancing loan at Winslade Park in Exeter, which will be spent 170,000 sq ft office renovation and allow further stages.
The former AVIVA campus, which has been vacant for a number of years, is being reused and renovated by Burrington Estates. The first phase of the scheme offers state-of-the-art business accommodation with a first-class office, conference and co-working space.
Reusing the Grade 2* listed farmhouse and securing its long-term future is central to the redevelopment plan.
Besides the central hub housing a restaurant and bar, serviced office and gym facilities, further phases of the scheme will provide flexible, modern office space well suited to accommodate headquarters operations and businesses with greater demands.
Up to 40 companies aim to attract 1Gbit/s broadband, natural ventilation, low-power lighting, and a range of maintained or managed options.
Winslade Park also includes extensive health facilities and high-quality housing space. The ongoing development of the 86-acre property will further cement its offering as Exeter’s ‘leading work and lifestyle community’.
The park has committed to a three-year plan to develop and integrate renewable energy generation and on-site infrastructure, which matches Octopus’ status as a B Corp and its commitment to be carbon neutral by 2030. Funding borrowers to replenish assets This nature aligns well with the Corporation’s dedication to continuous improvement of the markets in which it operates. In which.
Dominic Gibson, chief investment officer at Octopus Real Estate, hopes that financing opportunities for renovation schemes like this will become the norm in the coming years.
“This is a great asset that delivers exactly what modern occupiers are looking for: quality workspace, great amenities, and an easily accessible location. Burrington Estates is an experienced counterparty and we are happy to support the company. You have delivered an exceptional experience. It met a very strong demand from the occupier.”
“Octopus has always been committed to financing strong borrowers with strong assets across the country. This loan underscores our belief in the importance of regional markets, and our continued support to borrowers across the UK and Ireland.”
Mark Edworthy, Group General Manager, Burrington Estates, said they have had a wonderful relationship with the Octopus Group for many years and The real estate team understood their business plan and organized a flexible loan facility that would enable us to offer it.
“Their knowledge of the real estate market and their ability to see things from a borrower’s perspective really sets them apart. Their support for asset renewal has always been clear, which means we aligned interests from the start. We are very much looking forward to introducing the next phases of the scheme with the support of Octopus, before moving on to future projects together” .
Editor’s comment: Winslade Park is at the end of my driveway, and its stunning Georgian designs are complemented by the perfect tree-lined ambiance – it’s big enough to host a cricket. Although its environmental attributes are not in doubt, the few times I’ve ventured it’s been quiet (in fairness which may be due to the redevelopment), and I’ve found access to be somewhat of a double-edged sword – while the entrance is close to the M5 ( Junction 30), the entrance is via a secret slipway. It is about 20 minutes drive from the city center.
It is clear that the restructuring deal now provides a sound foundation for the future, along with a focus on renewable energy, which is commendable.
during the pandemic, The traditional boundaries of work and lifestyle may have fallen, but are we ready for ‘work and lifestyle communities’ and will companies pay a premium on offer? What happens to downtown if they succeed? Will more companies turn to remote work or is it a hybrid here to stay? TThere are still a lot of uncertainties for businesses in these turbulent times.
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