Bank boosts town centre office development with £2.3m loan
- Credit: Pertwee Estates
The developers behind a regeneration scheme in Ipswich’s Princes Street are celebrating after securing major funding.
OakNorth Bank has agreed to lend £2.3m to Pertwee Estates for its new office development. The cash injection will refinance a loan used to convert The Maltings into 24,000sq ft of high specification office space.
The historic building dates back to the 1820s and was once owned by R & M Paul. It became a night spot and entertainment venue before falling into disuse. It was later snapped up by family-run company Pertwee Estates which itself dates back to 1899 and is led by brothers Julian and Mark Pertwee.
Martin Williams, director of debt finance at OakNorth Bank, said: “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.”
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Mark Pertwee, managing director of Pertwee Estates, said: “This development forms part of the regeneration 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.”
At the end of June 2021, agents Penn Commercial and M1 Agency invited offers in excess of £4.7m for the refurbished multi-let office development.
They also invited offers for a neighbouring scheme, The Coalyard, a 0.36-acre development site with plans for a grade A office building measuring 18,870sq ft on Chancery Road.
The building would be made from black glass and bricks and include terraces with a view of Ipswich Waterfront.