UTB lends £3.5m for Burrington Estates' first commercial scheme

Burrington Estates has completed the construction of its first commercial scheme after securing a £3.5m development loan from United Trust Bank (UTB).

The facility — agreed at 64% LTGDV over a 15-month term — helped the developer deliver 30 business units at Eurotech Park in Plymouth within eight months.

The scheme focuses on quality and sustainability, with all units benefitting from energy-efficient roof solar PV panels and electric vehicle charging bays to reduce businesses’ carbon footprint.

The units also feature insulated panel technology to improve thermal efficiency as well as provide fire safety and lifetime durability.

UTB has also provided an additional development loan for Burrington Estates’ second commercial project of 35 similar units at SkyPark Exeter, which is now fully reserved and nearing completion.

Orla Costello, director for property development at UTB, said: “We are delighted to support Burrington Estates’ exciting projects in Plymouth and Exeter. 

“The high percentage of sales agreed off-plan demonstrate that there’s strong demand for great quality smaller commercial units in the South West, and Burrington Estates has shown that it’s leading the way in delivering exactly what the market wants. 

“UTB is committed to supporting high-quality residential, commercial and mixed-use schemes from experienced developers across England and Wales and we’re very much looking forward to working with Burrington Estates on its future projects.”

Matthew Bennett, commercial managing director at Burrington Estates, said: “We’re proud of this achievement, and it’s gratifying that there was such huge interest in the units even before the build started, with an impressive 90% of the units sold off-plan. 

“There is clearly a need for this type and size of commercial unit built to such a high specification as these.

“We were delighted to work with UTB on this scheme and the service we receive from the whole team is always quick and efficient. 

“We look forward to delivering another successful UTB-funded development at Skypark in Exeter.”

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