Prime property specialist finance company CapitalRise has announced the funding of a £5m loan for the development of a 13,000 sq.ft dwelling on the private and exclusive Wentworth Estate in Virginia Water, Surrey.
The new three-story, detached property, built by luxury housebuilder Octagon Developments, will comprise a master suite and three ensuite double bedrooms, as well as high-calibre features including a five-car garage, wine cellar, and cinema room.
The Wentworth Estate, located in the affluent town of Virginia Water, Surrey, is a highly sought-after and desirable ‘super prime’ location providing large, detached dwellings in generous plots.
The loan will also fund the refinance and demolition of an existing property on the plot. What will be Octagon’s 32nd project on the Wentworth Estate, the home will be designed by the in-house team of architects, and project managed through their Bespoke division, a made-to-measure service for one-off, super prime builds.
Angus McQuhae, Director at Octagon, comments: “We have worked on projects on the prestigious Wentworth Estate for many years and are thrilled to be involved in this latest project, this time alongside CapitalRise. Together, with shared expertise in prime real estate and our history of delivering unique projects like this, we are confident the result will be another highly sought-after development, designed and built to the clients’ exacting requirements.”
Lee Francis, Lending Director at CapitalRise, adds: “We are delighted to be continuing our work on the exclusive Wentworth Estate, and expanding our portfolio within the Prime Home Counties. It is always a pleasure to work with accomplished developers such as Octagon and we look forward to overseeing the progress of the development.”
The deal closely follows an £8.5m development loan that CapitalRise originated on the same prestigious estate in November 2022, bolstering the firm’s portfolio of luxury property loans.
Since it was founded in 2016, CapitalRise has originated loans against prime property assets valued at £767m.