Octopus hands Wavensmere £75m for Derby’s Friar Gate Goods Yard

Octopus Real Estate has provided a £24m loan to Wavensmere Homes for the £75m GDV redevelopment of Friar Gate Goods Yard in Derby city centre. The mixed-use project will see two landmark Grade II listed buildings transformed into 276 homes and more than 110,000 sq ft of commercial space. The funding is the second that Octopus Real Estate, part of Octopus Investments, has agreed with Wavensmere to deliver a brownfield regeneration project in Derby. In 2022, the investor provided £22m for a residential scheme on the site of the former Derbyshire Royal Infirmary, marking an expansion of Wavensmere’s Nightingale Quarter.  Nick White, head of development origination at Octopus Real Estate, said: “At Octopus Real Estate, we always want to work with stellar developers who are aligned with our vision and values. Wavensmere has a strong reputation for delivering high-quality, sustainable homes to local communities by meticulously restoring heritage assets. We are thrilled to be working with this dynamic team again and look forward to watching the positive impact the re-birth of Friar Gate Goods Yard will have on the city of Derby.” Matt Brighton, commercial director of Wavensmere Homes, said: “Securing a £24m loan facility to draw down from during construction will enable us to commence work without delay and deliver an uninterrupted development programme. Derby has become a hotbed of regeneration activity, with compelling socio-economic metrics that support our level of commitment and investment.” View market analytics for Derby >> Images © Glancy Nicholls Architects