Hampshire Trust Bank’s Property Finance division has provided a £2.8m loan to specialist regeneration developer Spaceworks to fund the conversion of a period office building in the centre of Bristol into 32 apartments.
The Century Place development, which has a gross development value of over £5.3m and is based in St Paul Street near to Cabot Circus, comprises of a mix of studio and one and two-bedroomed apartments.
Hampshire Trust Bank refinanced the bridging loan the developer initially used to purchase the site, giving them the time to extend the permitted development rights from 26 to 32 units, restructuring and increasing the loan part way through.
Jonathan Scott, Regional Lending Manager (South West) at Hampshire Trust Bank, said: “We are delighted to be supporting this project and the experienced development team at Spaceworks.
As a specialist in property development finance we are able to provide flexibility, helping to ensure our customers never miss out on the right opportunity and are keen to work with other experienced property professionals across the South West and beyond.
Tim Buxton, Director at Spaceworks, said: “’We have established a good, strong relationship with Jonathan Scott and Hampshire Trust Bank as we have found it a simple and straightforward pleasure dealing with the bank. We have found them to be proactive, anticipating what we need and when, and fast, always delivering on what they say. The ease of dealing with them and their strong support has meant we are keen to build this relationship and work with them on many of our other projects.”