OakNorth completes £11.4m package for project delivering 71 new Surrey homes

Business bank OakNorth has completed a £11.4m loan to Ocea Group for a ’major new project in Surrey.

The SME lending specialist has provided the funding to Ocea for the conversion of Furness House in Redhill into a residential property.

Furness House, currently a four-storey office block with 74 car parking spaces, is set to be transformed into a residential site with 66 one bedroom and five two bedroom flats.

Founded in April 2017, Southampton-based Ocea is led by directors Justine Curtis and Glenn Delve, and specialises in converting commercial spaces into residential developments.

Glenn Delve, director at Ocea, commented: ““We’re delighted to be partnering with OakNorth on what is our largest project to date – the team are extremely well-versed in the property sector and were able to structure a facility that suits our needs.

“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 amongst families, young professionals and downsizers. Furthermore, the majority of units on offer in Furness House will qualify for the help to buy scheme, making them ideal for the first-time buyer market.

Damien Hughes, senior director of property finance at OakNorth, added: “This development will bring some much needed new homes to a highly popular commuter town.

“Given Justine’s and Glenn’s vast experience in the property development sector and their speciality of developing commercial sites to residential units, Ocea is the perfect developer to take on the project.

“We look forward to working with them and the wider team at Ocea on additional schemes in the future.”