A MAJOR waterfront housing development for almost 300 new homes has been backed by a £69million loan.

Amendments to the plans for the West Quay Marina site, which is currently home to a car park, are under consideration with BCP Council planners.

Developer London Land Group wants to build 291 one, two and three-bed apartments across five blocks having secured initial planning approval in 2017.

The scheme would also include 8,000 square foot of commercial space, car parking, bike spaces and a communal garden.

Octopus Real Estate has partnered with Sirius Property Finance to provide a £69million loan for the West Quay Road regeneration project.

Mario Luca Balducci, London Land co-founder and chief executive, said: “At London Land we are driven by a vision to create the best possible lifestyle experience for our residents through innovative, reliable and sustainable developments, which includes delivering improved energy efficiency.

“We’re delighted that Octopus has the funding that enables us to finance a development that has been carefully designed to reduce energy demand, and to provide wider benefits to the local community by forming part of a wider, long-awaited regeneration project. Octopus was the natural choice for us thanks to its B Corp status and strong focus on sustainability and social impact.”

London Land said it will be using “modern methods of construction”, with off-site techniques like mass production and factory assembly rather than traditional building.

The firm said this means less waste is created in the production process.


Andy Scott, Octopus Real Estate head of residential development, said: “Within the property industry we have a duty to work together to develop more energy-efficient housing and to deploy innovative approaches to housebuilding. This site in Poole is a great example of our wider mission at Octopus to reimagine real estate investment by investing in assets that will deliver real impact to people and the planet.

“The completed apartments are designed to be EPC Rated A, fitting perfectly into our strategy of supporting the building of more sustainable homes.”

The financial agreement was the largest ever handled by Sirius Property Finance.

Devraj Ray, Sirius Property Finance senior associate, said it had been an “intense but ultimately so rewarding” journey.

He added: “We now wait to see the amazing 291-unit seafront development in Poole rise from the ground and take shape.”

Initial planning permission for development was granted in March 2017 but since then business units had been lying empty and vandalised on several occasions.

The marina was formerly occupied by several businesses including City Bay Views Chinese restaurant, Twin Sails Wharf and The Marina Club.

Demolition work began in 2018 but there have been a series of amendment tabled in recent years.

The fifth such application, which was submitted earlier this month, is currently under consideration with BCP Council in relation to altering conditions of the approved proposal.