Together and Watts Commercial Finance help bring The Ivy to Liverpool

By Bridging Loan Directory 7th August 2024

Property lender Together, alongside Watts Commercial Finance, have provided a bridging loan of nearly £1.7million to bring luxury restaurant chain The Ivy to Liverpool.

The substantial loan will be used by property investor JSM Property Group to support the change of use of Liverpool’s old Bank of England building, in Castle Street.

This would involve the conversion of the ground floor into a restaurant along with a commercial kitchen.

After gaining permission to convert the building into a restaurant, JSM Property Group secured a letting with The Ivy to bring their first site to Liverpool.

The basement level will provide further storage, office, staff break and changing spaces, while the first floor is to be used for customer toilets.

Originally constructed between 1845 and 1848 by architect Charles Robert Cockrell, The Grade I- listed landmark had previously laid dormant for years.

Located at the corner of Castle Street and Cook Street in central Liverpool, the property is four storeys tall with a basement, and includes two existing extensions at the rear.

Marc Goldberg, CEO at Together said:

“We have seen so many iconic properties across the UK sitting empty and disused, and we are delighted to have been able to support the conversion of the beautiful Bank of England into a site for The Ivy.

We recently conducted research that found there was currently 1.55 million properties sat derelict in England and Wales, and we hope to see more developers taking advantage of these opportunities to bring such properties back to life.

Partnering with Watts to help JSM Property Group has been excellent, and we hope to continue working together on more exciting projects in the future.”

Mark Jerman, Senior Commercial Manager at Watts said:

“Watts Commercial Finance and Together were delighted to continue to support their long-standing mutual client JSM Property Group with the expansion of their property portfolio.

The continued support demonstrates the deep understanding of the business and trust in their ability to deliver at the highest level.

The former Bank of England premises is an exciting project for both the client and the city of Liverpool and we look forward to seeing the property develop and re-open.”