Urban Splash has completed a £16.2m refinancing deal with The Co-operative Bank on its Royal William Yard project in Plymouth.
The five-year refinancing deal, which was arranged with the support of funding agents Deloitte, covers 174,000 sq ft of prime commercial space at the yard.
Built 200 years ago, Royal William Yard features Europe’s largest collection of Grade I listed military buildings, built to supply the royal navy with food and provisions and played a vital role in supporting Britain’s Naval operations.
Urban Splash has spent more than two decades restoring the 10 buildings, transforming them into mixed-use community spaces while preserving their rich heritage.
Sarah Battye, from Urban Splash, said: “This refinancing deal is a major vote of confidence in Royal William Yard. It’s an iconic, income-generating attraction with a unique history. In a market that remains cautious around investing in commercial property, this deal speaks volumes about The Co-operative Bank’s confidence in our team and belief in the future of the Yard.
“We’ve worked hard to sensitively regenerate the yard in keeping with its historical significance, and we’re proud that it’s now a thriving community that combines history, character and commercial strength. We’re delighted to continue our longstanding relationship with The Co-operative Bank and its dedicated relationship managers, working together to develop disused buildings across the country for the good of their communities.”
Jordan Lazenbury, corporate banking manager at The Co-operative Bank, added: “We’re honoured to support Urban Splash on this exciting project. The team has created a distinctive, resilient destination at Royal William Yard that stands out in today’s market. It’s a natural fit for the bank and our ethics, supporting communities across the country to grow and thrive.”
Tom Bloxham MBE, chairman of Urban Splash, said: “This refinancing is another vote of confidence in Urban Splash and our team. It gives us the confidence and capacity to keep building on our 31 years of delivering extraordinary places across the country – places where people can live, work and play.”
TLT acted for The Co-operative Bank and Eversheds acted for Urban Splash.
