TAB completes first £ 5million load bridge

Bridge lender TAB has entered into a £ 4,550,000 first-load bridge loan on a development in Canterbury in partnership with broker Opes.

Biggleston Yard, named after the historic family business that once operated on the site, is a mixed-use development project in the center of town, around 400 meters from Canterbury Cathedral. The 0.38 hectare site is located in the main pedestrianized shopping area, close to the Marlowe Theater.

When complete, the development will include over 13,000 square feet of retail space and a total of approximately 19,500 square feet of commercial and retail space, including an indoor shopping arcade and hall. Marlet. In addition, there will be 39,000 square feet of residential housing comprising 33 one, two and three bedroom apartments and duplexes and 32 serviced apartments.

The development will incorporate the remains of a late medieval church, as well as features from the early 18th century, including a Grade II listed three-storey terraced property. The mid-19th century foundry used by HM Biggleston & Sons – a six-generation family business that produced cast iron castings, railway beams, street lamps and other street furniture – will be retained and renovated, and the forge reused and integrated into the project. The buildings from the end of the 19th century are also preserved and the cemetery of the old Sainte-Marguerite church is incorporated to create an accessible open public space.

The total GDV is around £ 27million. The loan facility is for a nine month term and has an LTV of 65%.

Nick Russell, TAB Sales Manager, said: “The Biggleston Yard site is conveniently located on Main Street, in the shadow of the Cathedral. Setha had implemented an extremely robust and well thought-out town planning application to convert the site into retail, serviced hotel / apartments and residential property.

“New access to the property will allow visitors and residents to appreciate parts of this historic site that were not easy to see before. On top of that, having a site of this size vacant has left an economically important hole in the center of Canterbury. It’s nice to participate in restarting the economy of the city center.

Matthew Davies, co-founder of Opes Financial Partners, added, “We wrote a lot of deals with TAB this year mainly because they are transparent with us and we can always trust them to do the job.

“Securing funding for mixed-use projects with retail and hospitality elements is a challenge. It was also a big loan. In addition, some of the investors in the transaction were not residents of the United Kingdom. Fortunately, TAB took a pragmatic approach and was able to deliver where others couldn’t.

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