The capital from OakNorth Bank will refinance a loan which was used to convert one of Ipswich’s most interesting and historic buildings, into 24,000 sq. ft. of modern, flexible office space. The building, now known as The Maltings, is believed to date back to around 1820 and was occupied for many years by R & M Paul. In more recent years it has been used as a nightclub and entertainment venue but had stood empty for some time. It is located metres from Ipswich station, close to the town centre and in the prime business district. It has become part of a new ribbon of development and regeneration along Princes Street and the riverside towards the Waterfront.
A family business since 1899, Pertwee Estates has built a strong reputation for developing, managing, and investing in commercial and residential properties across the East of England. The Colchester-based developer led by brothers Julian and Mark Pertwee, has successfully completed numerous developments over the last 122 years, from the restoration of period and listed buildings, to the development of large-scale commercial buildings.
Mark Pertwee, Managing Director of Pertwee Estates, said: “This development forms part of the re-generation of the Princes Street area – the gateway into Ipswich – so we’re hugely proud to be a part of it. The building offers modern, flexible space, for a mix of businesses of various sizes and could easily hold up to 300 people. It was clear from day one that Martin and his team at OakNorth Bank were very knowledgeable about the local community and the area’s commercial property market.”
Martin Williams, Director of Debt Finance at OakNorth Bank, commented: “Under Julian and Mark Pertwee’s leadership, Pertwee Estates has built-up an excellent track record and reputation across the region. It is exactly these types of vastly experienced property developers that we look to support with our bespoke finance solutions. The fact that six out of the eight office suites at this site are now fully let, highlights the high demand for modern and spacious office spaces in Ipswich and the loan will provide headroom for Pertwee to recover the full tenancies that could not complete during the various lockdowns. The Princes Street office corridor forms part of the Ipswich Vision, a unique partnership of the town’s civic, business and education leaders to deliver transformative projects. This scheme is bringing much needed investment into the town and we’re hugely proud to be playing our part in supporting its success.”
Notes to editors
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle.
It has borrowers across a variety of sectors, including: healthcare (nursing homes and retirement villages), consumer goods, vehicle and parts manufacturing, capital goods manufacturing, household professional services (including educational services), nurseries, business support services, hospitality and recreation (including hotels, resorts, restaurants and bars, fast food outlets and limited service restaurants), SME residential and commercial property development and investment.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Tom Pavey-Smith, Associate Director – Growth & Communications: firstname.lastname@example.org / 0791 716 5588