Close

£3 million development facility raised to develop former Hovis site in Plymouth

POSTED: 14th March 2016
IN: Newsroom
Share:

Aldermore has provided Burrington Estates with a flexible £3 million finance facility for the redevelopment of an ex-Hovis depot in Plymouth, which will be converted into both commercial and office space.

Burrington Estates acquired the Honicknowle site, which was originally a major Hovis baking site, and became a distribution centre after Hovis was acquired by Allied Foods.

Aldermore has provided long term funding against the 106,000 sq. ft. business park site with a facility allowing Burrington Estates to drawdown an initial £1million against the current income stream and then draw further tranches as and when the remaining units are let.

Peter Delamar, Funding Specialist at Burrington Estates says:

“Aldermore have been very efficient to deal with, especially given the moving nature of the project throughout its various stages. They understood from the outset the aims of the project and the stages we needed to go through during development, and the way the deal was structured was very clean and simple.

“The site had been unoccupied for a while, and the local council were very supportive of our proposals for the development, which should also provide a boost to the city, as it is the only provision for office space in the area.”

 Caroline Baker, Lending Manager, Commercial Mortgages at Aldermore, who managed the new relationship said:

“Burrington Estates has a strong management team and it was great to work with such a dynamic business that is rapidly building a reputation for high quality developments in the South West. Burrington Business Park is an exciting project to be involved in and the new commercial space is a valuable addition to the city.  I’m delighted that we were able to support the Burrington Estates team with this project.”

**Ends**

 

For further enquiries, journalists can contact:

Rachael Snelling, Aldermore

Phone:          0208 1853 102

Email:           Rachael.Snelling@aldermore.co.uk

 

Johnathan Priestley, Cicero Group

Phone:          0207 297 5954

Email:           Johnathan.Priestley@cicero-group.com

 

Notes to Editors:
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.

 

 

Aldermore

Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homebuyers and individuals, who we believe are often under- or  poorly served by the wider market. Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK. Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be. Established in 2009, Aldermore has grown significantly. At the end of December 2015, lending to customers stood at £6.1 billion and customer deposits totalled £5.7 billion. For more information, please visit www.aldermore.co.uk.

 

Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange. Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.

 

  • Business
  • Press Release

Published: