£22.9m loan provided to Martley Capital to refinance Bridgewater Place office in Leeds
Puma Property Finance has provided a £22.9 million loan to Martley Capital Group ("Martley Capital"), to complete the refinancing of Bridgewater Place, the landmark office-led, mixed-use tower in Leeds' South Bank.
The refinancing will allow for a full repositioning of the office building, which will be rebranded as One Water Lane. The rebranding of the Bridgewater Place office building to One Water Lane will give it a separate identity from the residential tower, which will keep the Bridgewater Place name, and underlines the repositioning.
One Water Lane provides c.250,000 sq. ft of commercial space, comprising c.235,000 sq. ft of offices and c.15,000 sq. ft of retail, along with 268 parking spaces. The building is a three-minute walk from Leeds Station and sits at the heart of the South Bank regeneration area.
Martley Capital plans a full refurbishment of the building to deliver best-in-class, all-electric Grade A office space, taking advantage of the increasing demand for Prime Regional offices at a time where supply is at an all-time low, with expected completion of the project to be in 2028.
Once complete, the building is expected to achieve an EPC A rating and BREEAM 'Excellent' certification.
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.”
Kevin Davidson, Managing Director, Puma Property Finance, said:
"We are pleased to support Martley Capital on the refinancing of Bridgewater Place. The asset's location at the heart of the South Bank regeneration, combined with a clear repositioning strategy and an experienced sponsor, made this an attractive opportunity as part of our increased lending appetite across London and regional UK office sectors."
