Aldermore provides £3m facility for ex-Hovis site
Aldermore has provided a £3m finance facility for the redevelopment of an ex-Hovis depot in Plymouth.
The Honicknowle site, which was acquired by Burrington Estates, will be converted into both commercial and office space.
It was a distribution centre after Hovis was acquired by Allied Foods.
Caroline Baker, lending manager, commercial mortgages at Aldermore, 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.”
The facility allows Burrington Estates to drawdown an initial £1m against the current income stream and further tranches when the remaining units are let.
Peter Delamar, funding specialist at Burrington Estates, said: “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.”