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Funding breathes new life into landmark building

We delivered funding of £4.8m to breathe new life into the landmark Plymouth building, The Ship.

The challenge

The historic building designed by acclaimed architect Sir Nicholas Grimshaw and once the home to the Daily Mail had sat empty for two years and was at risk of being demolished. With a vision to create a regional business hub, Burrington Estates stepped in to rescue the impressive 116,000 sq ft property, which stands on a 12.36 acre plot. Funding was required for refurbishment to create offices over three floors, with spectacular views.

 

The solution

Requiring a tailored approach, Burrington Estates turned to Together. We reviewed the pre-let agreements, whereby businesses, including an established call centre, a café and leisure operator, had agreed to enter into a lease once the refurbishment was complete. Taking our usual common sense approach, we then instructed a full RICS valuation with a market value established at £8.4m, with anticipated value post-refurbishment at £11m. We agreed the full funding of £4.8m, delivered within a month, and the client was able to move forward with the development.

 

Together - Development Finance

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