Specialist lender Octopus Property is to provide an 18 month, senior debt facility of over £20 million to Ktesius Projects, the London-based developer, for the development of 70 one, two and three bed residential units and commercial space, in Brighton.
In the Valley Gardens Conservation Area, one of the town’s most desirable neighbourhoods, the former Brighton Astoria Cinema is just a short walk from the historic Brighton Palace Pier. The scheme has a Gross Development Value of over £35 million, with individual units priced from c. £295,000.
Emma Burke, Head of Development Origination, said, “Construction has commenced on the seven storey building, which will be U-shaped in design and incorporate a landscaped central courtyard. The scheme will offer residents access to a communal gym, TV room, locker storage, community room as well as 72 bicycle racks. Unit completion is expected in late 2019.
Ken MacRae, CEO of Ktesius Projects, added, “This is one of the most exciting projects we have undertaken to date, taking an historic building and developing it into much-needed residential units in one of the most desirable parts of Brighton.”