Huge loan agreed for biggest urban development in UK taking place in Swindon

A £ 64 MILLION loan has been secured to help start preparations for the cornerstone of Swindon’s New Eastern Villages.

Part of the largest approved urban extension in the UK includes 1,550 new homes, two new schools, a large sports park, a community center, as well as employment, retail, and leisure spaces on a 216-acre site.

UK specialist real estate lender and investor Octopus Real Estate has had the loan approved to enable Capital Land Property Group to prepare the scheme for development and delivery.

Octopus Real Estate’s investment director Dominic Gibson said: “We’re extremely pleased to have worked with Capital Land to fund this key regional development site.

“Octopus has always had a strong appetite for sites with planning consents which meet local demand, and this is a prime example. The Capital Land team have worked tirelessly to deliver the New Eastern Villages masterplan, which this sizeable loan will support.

“This phase of the scheme will deliver much-needed housing stock to the area by providing over 230 affordable units alongside 1,320 open market homes. Octopus is committed to supporting borrowers like Capital Land, who intend to deliver assets that positively transform their local areas.

“The loan demonstrates our appetite and ability to provide large facilities, and underlines our ongoing support for the UK and Ireland’s regional markets.”

A new cycle network will run through the Great Stall East area and a park and ride facility will connect it to Swindon town center, with other links to the rest of the 8,000 homes planned across the New Eastern Villages.

The site is key to Swindon Borough Council’s long-term housing growth plan and is a major part of the government’s Regional Spatial Strategy for housing delivery across the south west.

The NEV Masterplan covers around 1,800 acres to the east of Swindon and is the largest approved urban extension in the UK. With the long-term delivery of around 8,000 new homes, community facilities, health centers and 99-acres of employment space, the development is of huge importance to the area’s economy and housing market.

Capital Land Property Group chief executive Jeremy Francis added: “We’ve worked with the local authorities on the New Eastern Villages for over a decade and are incredibly excited to be nearing the scheme’s development phase.

“It’s a hugely important community extension for Swindon, so it’s been great to work with a major lender like Octopus to take it to the next stages of delivery.

“The relationship was transparent and straightforward from the outset, and it was always clear that the Octopus team had the experience to understand large-scale assets and lending.

“We truly believe the New Eastern Villages will offer the much-needed area attainable high-quality housing. The combination of green space, connectivity and consider design will underpin a strong new community and fantastic quality of life for generations to come.”

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