Ocea gets OakNorth backing for Redhill resi
Residential developer Ocea has received a £11.4m loan from OakNorth Bank to deliver its largest scheme to date, at Furness House in Redhill, Surrey.
The office to residential conversion specialist will use the funds to convert the four-storey office block into 71 apartments. The new scheme will comprise 66 one bedroom and five two-bedroom flats, the majority of which will qualify for the Help to Buy scheme for first-time buyers.
The site is located 500m from Redhill town centre, and is a short walk to the train station, with commuter links into London Victoria and London Bridge.
Residential developer Ocea has received a £11.4m loan from OakNorth Bank to deliver its largest scheme to date, at Furness House in Redhill, Surrey.
The office to residential conversion specialist will use the funds to convert the four-storey office block into 71 apartments. The new scheme will comprise 66 one bedroom and five two-bedroom flats, the majority of which will qualify for the Help to Buy scheme for first-time buyers.
The site is located 500m from Redhill town centre, and is a short walk to the train station, with commuter links into London Victoria and London Bridge.
Glenn Delve, director at Ocea, said: “With plenty of local amenities on offer, as well as excellent transport links to and from London, the Surrey town of Redhill is extremely popular among families, young professionals and downsizers.”
Damien Hughes, senior director, property finance at OakNorth, said: “This development will bring some much-needed new homes to a highly popular commuter town.”
Southampton-based Ocea was founded in April 2017. It specialises in converting commercial properties to residential, with a specific focus on office conversions. Previous schemes include Normandy House in Hemel Hempstead, and Hampton House in Southampton.
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