Aldermore funds multi-million pound commercial loan to refinance ESG led property refurbishment

By Bridging Loan Directory 4th April 2023

Aldermore has assisted with the refinance of a mixed industrial and office portfolio worth in excess of £10 million to provide a new commercial loan to Landteam Property Investments Limited.

These funds were used to assist with the development and refurbishment of an office building in the centre of Darlington, County Durham, to significantly enhance the accommodation and also to ensure the building meets high ESG standards.

The property – known as Coniscliffe House – has been comprehensively refurbished to provide an exceptional working environment and to accommodate the evolving requirements of occupiers in this post-pandemic era.

The facilities on site include complementary reception and collaboration space, showers, electric charging points and an undercroft car park.

The office space is now let to a mix of local, national and government tenants – proving the demand for a quality fit out.

Achieving the highest sustainability credentials was at the heart of the refurbishment of Coniscliffe House.

On completion of the refurbishment, the property achieved an Energy Performance Certificate (EPC) rating of “A”.

This was attained through the installation of new LED lighting throughout, the removal of all fossil fuel reliant systems and the installation of a modern Mitsubishi VRF heat pump energy system serving the offices, together with a new “air to water” heat pump for the common areas.

Energy generated by an array of solar panels on the 6,000 sq ft south-facing flat roof meets the demand of the newly installed equipment providing the scope for the heating and cooling of the building to be served by 100% renewable energy.

Michael Graham, senior lending manager at Aldermore, said:

“It’s been a pleasure to be working with Landteam again on their latest investment to deliver a funding package to enable this well-located development to progress.”

Graham Ritchie, head of commercial mortgages north at Aldermore, said:

“We’re delighted to build on our excellent relationship with Landteam with this additional commercial loan – a proactive investor capitalising in ESG and amenities helping attract and retain their quality tenants.

Landteam are accomplished property developers, with over 40 years of experience.

Combining this with our expertise, we were able to work together to deliver for them and for their tenants.

We’re excited to see the finished development in Darlington and hope to be able build on this relationship by working together on other projects in the future

Edward Speir, Director at Landteam Property Investments Ltd, said:

“I was delighted that, again, at an early stage Aldermore understood our vision for this building, as well as the key commercial drivers for office tenants in the post pandemic era.

The project required a leap of faith on our part because there was no proven record of delivering a refurbishment project of this quality and stature in the local market.

Knowing that Landteam had the support from the team at Aldermore gave us the confidence to take the fit out to a very high level, both from an aesthetic and an environmental ESG point of view.

From this we have been able to secure a number of key lettings and reposition the building as an exceptional working environment in the heart of Darlington.

My thanks again to Michael Graham and his team at Aldermore for all their excellent support.”