Together development

Together provides £4.8m to transform landmark ship building



Specialist lender Together has delivered £4.8m towards the refurbishment of a historic landmark building in Plymouth.

Property investors Burrington Estates planned to refurbish The Ship into offices for a variety of businesses, but required £2.5m to repay an initial investment and a further £2.3m for the refurbishment.

The firm approached Together as the lack of tenants or formal lease agreements made mainstream funding difficult, despite having pre-let agreements with five local businesses. 

After reviewing the pre-let agreements, Together instructed a full Royal Institution of Chartered Surveyors valuation with a market value established at £8.4m and an anticipated post-refurbishment value of £11m.

Funding was delivered within a month, enabling the client to move forward with the development.

Burrington Estates will refinance with a mainstream lender once the project is complete.

Mark Edworthy, founder of Burrington Estates, said: “We initially stepped in to secure the future of The Ship building in July 2015, but we needed finance to complete the refurbishment and realise our vision of creating a vibrant business community in this space.

“We’ve worked with Together previously and felt that they would be able to deal with the complexities, such as the pre-let agreements, with their customary individual and holistic approach.

“We’re now in a position to complete our project and create more office space for local businesses, while also preserving a truly magnificent building.”

Designed by notable architect Sir Nicholas Grimshaw, The Ship spans 116,000 sq ft on a 12.36-acre plot and was once home to the Daily Mail.

The property had been vacant for two years and at risk of being demolished before Burrington Estates stepped in with a view to creating a regional business hub.

Ritchie Watson, director of development finance for Together, added: “With the market valuation and the pre-let agreements, not to mention that Burrington Estates have a proven track record for sympathetic development of historic sites in the South West, we were happy to support them with the required funding.

“This was delivered in a short timeframe, thanks to our solicitors and valuers working together to meet tight deadlines. 

“Meanwhile, businesses in Plymouth will have a new business hub in this historic property and a market-leading leisure facility."


Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.



Leave a comment