Comer Homes has obtained a £45m five-year loan from Investec Structured Property Finance for the development of the landmark Royal Winchester House, in the popular Berkshire town of Bracknell.

Work is already underway on the development which will see the former site of the 3M headquarters transformed into 311 studio, one, two and three bedroom flats for rent, with retail outlets and resident car parking, adjacent to the new public realm market square.

Brian Comer, Chairman (UK) of Comer Group, said: “The Comer Group has been delighted to again benefit from the support and expertise of the Investec team. We look forward to bringing this prestigious development to fruition with their continued support. This project, designed by an internationally renowned team, exemplifies the future aspirations of Bracknell as the jewel of the Thames Valley which the Comer Group is proud to be a part of.”

The development is directly opposite The Lexicon, the recently opened retail & leisure centrepiece of Bracknell’s £750m regeneration scheme.

Steve Cook, at Investec Structured Property Finance, commented; ‘We are delighted to be working closely with the Comer Group. The Bracknell regeneration project is one of the largest schemes of its kind currently being undertaken in the UK, and the Comer Homes development is a key part of the final product. As the UK Private Rented Sector goes from strength to strength, we are increasingly seeing investors identify opportunities outside of London offering favourable returns.”

The scheme is due for completion in 2020.