Martley Capital Group has completed the refinancing of the office-led, mixed-use Bridgewater Place tower in Leeds’ South Bank.
The new financing comprises a £22.9m senior loan provided by Puma Property Finance and a mezzanine loan note arranged by Martley Capital’s gap funding programme. The refinancing will allow for a full repositioning of the office building, which will be rebranded as One Water Lane (OWL).
The scheme provides circa 250,000 sq ft of commercial space, comprising circa 235,000 sq ft of offices and circa 15,000 sq ft of retail.
Martley Capital intends to underake a full refurbishment of the building to deliver all-electric Grade A office space. Once complete, the building is expected to achieve an EPC A and BREEAM Excellent rating.
Richard Croft, chief executive of Martley Capital Group, said: “Bridgewater Place is one of the most recognisable buildings in the North of England, and this refinancing gives us the platform to return it to the standard its landmark status deserves. Renaming the office building One Water Lane marks a fresh start for the building and gives occupiers a clear identity for the new Grade A space. Leeds has one of the tightest Grade A markets in the UK, with record rents and very little new supply coming through.
“A fully repositioned, highly sustainable One Water Lane will be exceptionally well placed to meet that demand. We are grateful to Puma Property Finance for their support and look forward to working with them as the business plan progresses. Martley has been a staunch believer in the UK regional office occupier market and the refinancing of OWL will create much needed Grade A space in Leeds as part of our MCRO platform.”
