King's Bank

Shawbrook Bank provides £7.3m loan for Norwich riverside regeneration



Shawbrook Bank has completed a facility of over £7.3m for the residential transformation of a former pub car park in Norwich.

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The King’s Bank development, which will be located on the former Ferry Boat site, consists of a five-storey tower offering 39 new-build apartments, as well as two residential units formed in the existing Ferryboat Inn Public House.

The £11.3m GDV scheme will also see restoration of heritage features, such as the preservation of the medieval arch, which will be incorporated into the building's courtyard.

The loan was agreed on a 27-month loan term.

The deal was brokered by Teal Finance Ltd and was completed in four weeks.

King’s Bank will be developed by Estateducation Ltd, and Pride IMS will be the project monitor.

Blane Perrotton, managing director at Pride IMS, said: “This is a truly exciting scheme, and it is great to see the impressive regeneration of a derelict site that adds value to not just the site, but the surrounding area.”

Ben James Smith, chief investor at Estateducation, commented: “Our hope is that, once we are finished, it will really complete the riverside area of the city. 

“Blane and Pride IMS have restored my faith in project monitors; they have been responsive, professional and have added value throughout the process.”

Terry Woodley, managing director of development finance at Shawbrook, added: “King’s Bank is going to be an impressive new addition to the riverside area, while preserving elements of the city’s medieval heritage at the same time.

“It is a complex scheme, but Ben and the team at Estateducation are experienced professionals, and the critical support of Blane and the team at Pride IMS will help ensure its successful completion.”



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