Property investors Burrington Estates aim to breathe new life into the building designed by acclaimed architect Sir Nicholas Grimshaw and once home to the Daily Mail.
Together has delivered funding of £4.8m towards landmark Plymouth building The Ship to help towards renovation costs.
Property investors Burrington Estates aim to breathe new life into the building designed by acclaimed architect Sir Nicholas Grimshaw and once home to the Daily Mail.
Mark Edworthy, founder of Burrington Estates, said: “We initially stepped in to secure the future of
The Ship building in July 2015 but we needed finance to complete the refurbishment and realise our vision of creating a vibrant business community in this space.
“We’re now in a position to complete our project and create more office space for local businesses, whilst also preserving a truly magnificent building.”
Funding was required to refurbish the property creating offices for a range of businesses over three floors having been empty for two years.
The client required £2.5m to repay their initial investment and a further £2.3m for the refurbishment.
Together instructed a full RICS valuation with a market value for the property established at £8.4m and anticipated value post-refurbishment at £11m.
The full funding of £4.8m was agreed and delivered within a month, allowing the client to be able to move forward with the development.
Ritchie Watson, director of development finance for Together, said: “With the market valuation and the pre-let agreements, not to mention that Burrington Estates have a proven track record for sympathetic development of historic sites in the South West, we were happy to support them with the required funding which was delivered in a short time frame.
"The client has an exit strategy planned, and will refinance with a mainstream lender once the project is complete; with a significant uplift in value anticipated.”
