19 Jul 2018

Octopus funds Edinburgh Marina site acquisitions with £10m loan

We've agreed to provide Edinburgh Marina Ltd, owned by an established family office, with a £10 million commercial bridging loan. This is for the acquisition of six freehold plots that form part of the Granton Harbour Estate and will form the heart of the new Edinburgh Marina development. 

The proposed scheme is one of Europe's largest redevelopments and shows our commitment to lending outside of the South-East.

Totalling c. 19 acres, planning consent has been granted for a 340-berth marina and more than 100 retirement living apartments. Detailed planning is expected imminently for 440 residential apartments, a 187-room hotel with a 20,000 sq ft spa & fitness centre and a 10,000 sq ft conference and banqueting facility. 

Ideally located less than three miles from Edinburgh city centre and under 20 minutes’ drive from Edinburgh Airport, Granton Harbour forms part of the 346-acre Edinburgh Waterfront site, one of Europe’s largest redevelopment sites that stretches for two miles along the Firth of Forth and which will provide up to 7,500 new homes. 

John Charcol acted as broker and PIP Asset Management acted for Edinburgh Marina Ltd.

This is a significant transaction for Octopus Property, as we continue to build our loan book exposure in and around Scotland’s largest cities, where the underlying market fundamentals continue to support real estate development and investment. The Edinburgh Waterfront site is one of the most ambitious projects being undertaken in Europe and with the next phase generating significant interest from a range of financial institutions, it’s a scheme we are extremely comfortable being involved with.
Ludo Mackenzie
Head of Commercial Property