Dransfield Properties has completed a £23m refinancing of its Lime Square regeneration scheme in east Manchester with Lloyds Bank Commercial Banking.
The five-year agreement was completed before the end of its previous deal with another unnamed bank, which was set to expire in 2015, as the developer aims to focus on bringing forward a number of new opportunities from across its portfolio.
The retail-led Lime Square scheme is anchored by an 80,000 sq ft Morrisons superstore, which opened in 2010.
Two further fully-let phases have been added to the scheme in the past three years in a development with tenants including B&M Stores, McDonalds, PCT Healthcare and Poundland.
Work is now under way on the fourth and final phase of the project, which will see a new health and fitness centre, to be operated by the Gym Group, opening in the summer. Phones4U and Barclays are also set to take space at the scheme.
This final phase at Lime Square is due to be completed in June 2014.
Dransfield Properties has been a Lloyds customer since 1999, with the bank also financing previous developments including Marshall’s Yard in Gainsborough, Lincolnshire, and Sanderson Arcade in Morpeth, Northumberland.
Mark Dransfield, managing director at Dransfield Properties, said: “With this deal now secured we can begin to bring forward the next phases of Lime Square’s already successful growth. The development has played an important role in helping to regenerate Openshaw, both improving amenities for local residents and creating new jobs for its communities.
“Lloyds Bank’s strong support over the past 15 years has been instrumental to our own ability to create schemes like Lime Square across the North of England and this latest agreement confirms them as our most significant banking partner.”
Tom Cross, relationship director from Lloyds Bank Commercial Banking’s mid-markets real estate team, added: “Dransfield has a proven track record as an excellent asset manager with a keen eye for excellent development opportunities, of which Openshaw is a prime example.
“With strong links to major national retailers, many of which are on long term leases across its developments, the business is well placed to capitalise on the economic recovery through its new and existing schemes.”
Dransfield was advised by JMW Solicitors; Squire Sanders advised Lloyds Bank.
bridget.o’connell@estatesgazette.com
