Blending history and haute cuisine: Bridging loan revives iconic building as The Ivy comes to Liverpool.
The idea
With a growing collection of restaurants already in their impressive portfolio, The Ivy had identified vibrant Liverpool as the perfect location for their latest venture. They just needed to find the right building to host their prestigious new eatery.
Fortunately, property investor JSM Property Group had recently acquired permission to convert a beautiful former Bank of England building, in a prime city centre location on Castle Street, into a high-end restaurant.
The missing ingredient? Funding, to get the project underway.
The enablement
JMS Property Group approached Together, alongside Watts Commercial Finance, to find the finance needed to bring the project to life. Excited by the plan, we were able to provide a bridging loan for just under £1.7 million, allowing the sympathetic conversion of the Grade I-listed building to begin.
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”.
Restoration is a way of opening doors, with an empty building becoming your hidden gem. Take a look at what Lucy Alexandra had to say when it comes to developers helping fix the housing crisis, with diamonds in the rough.
Read the blogThe result
Supported by the bridging loan, the project progressed at pace. All four storeys of the former bank building were retrofitted to create the perfect home for the hospitality hotspot, combining cutting-edge cuisine with classic 19th century grandeur.
Upon completion, The Ivy, Castle Street opened on November 19th, 2024. With a 180-capacity main restaurant, and dazzling party and occasion spaces available, the Liverpool location is set to build upon The Ivy’s impressive reputation.
Mark Jerman, Senior Commercial Manager at Watts Commercial said, “Watts Commercial Finance and Together were delighted to continue to support their mutual client JSM Property Group with the expansion of their property portfolio. The continued support demonstrates the deep understanding of the business, and the trust in their ability to deliver at the highest level.”
There are 1.55 million properties sat derelict in England and Wales. There’s hope to see more developers take advantage of the opportunities - finding the hidden gems within UK cities and bringing them back to life for the good of the economy, the property market and the community. Together have flexible funding for development finances, if you’ve found your next diamond in the rough.
Looking for your next project? Or maybe you’ve already found it. Together might be the perfect partner. Speak to one of our experts to find out if we can help you.
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