Mayfair-based specialist finance advisor, Arc & Co. today announced it has advised Pertwee Park Ltd on a £2.3m development loan. This loan allows for the conversion of one of Ipswich’s most well-known landmarks, an early 19th century building most recently used as a nightclub, into upmarket offices. High tech and media companies are likely to be the new tenants.
The Malting’s in Princes Street, is being converted by Pertwee Estates, the Colchester based business park developer run by brothers Mark and Julian Pertwee, who purchased the historic buildings from previous owner Ipswich Borough Council. The former entertainment venue, that previously operated as The Malthouse and before that as Kartouche and Hollywood nightclubs, has been standing empty for years.
Jeremy Robinson, Asset Finance Adviser at Arc & Co., said: “This was an unusual funding requirement in that it was a speculative development of office space outside of London. Without tenants already having committed to the property this adds a level of risk for any potential lenders making it harder to obtain good terms for the client. However, due to both the quality of the scheme and that of the client we were able to place the transaction on attractive terms by working closely with a supportive Lender.”
Mark Pertwee, Managing Director at Pertwee Park Ltd, said: “Our intention with The Malting’s is to create something new and unique in the area. This is a building with a very individual style and in its restoration we are celebrating its 200-year-old architectural heritage through a contemporary refurbishment. Princes Street, the corridor between the railway station and town centre, is now widely recognised as Ipswich’s prime business district.”
Adam Bovingdon, Property Development Director, United Trust Bank commented: “We were introduced to Mark Pertwee by Jeremy Robinson of Arc & Co. and asked to provide a development facility. The application presented by Jeremy was professionally put together and was accompanied by a number of impressive CGI’s showcasing how The Malting’s would look both internally and externally once complete.
We quickly arranged a site meeting with Jeremy and Mark who was able to talk us through his commercial development experience. United Trust Bank are very pleased to be able to support the project which, once finished, will provide high quality office accommodation in one of Ipswich’s most iconic buildings.”