Surrey County Cricket Club (Surrey CCC) will launch a special bond to fund a major expansion and modernisation of its Oval cricket ground in London.

The 2019 bond, the second issued by the Club in recent years, is being launched to help fund the construction of One Oval Square, a project that will increase the ground’s capacity to 28,000.

Construction work is set to begin in October 2019 and will be phased over 18 months, with a completion date scheduled ahead of the 2021 season.

The new development will see a three-tier stand built between the existing Micky Stewart Members’ Pavilion and the Peter May Stand, replacing the Lock/Laker Stand.

It will offer improved facilities for members and an enhanced match-day experience for spectators and hospitality guests – with the expanded stand providing the increased seating capacity.

The new development will also include a conference and event space called One Oval Square, designed to provide further capacity for the club’s growing entertainment and non-cricket business, which currently generates sales in excess of £6m per annum.

The bond will be over a term of five years and offer an interest rate of 4.5 per cent per annum, paid bi-annually. The minimum subscription level is £2,000 and the maximum is £250,000.