Bristol really is a fantastic city. It's the home of the Clifton Suspension Bridge, the SS Great Britain and now one of our latest deals.
Venture south of the city - three miles to be exact - and you'll find Lakeshore, a Grade II listed building that was once the headquarters of Imperial Tobacco. Today, it's a collection of one- and two-bedroom apartments that offer high ceilings and spacious balconies.
Did we mention it sits above a manmade lake?
When we received the opportunity to refinance a portion of Lakeshore, we simply couldn't say no, providing borrower Vandercliff SL with a £5m residential property investment loan to fund a portfolio of 66 leasehold apartments over a five-year term.
The transaction, delivered at a 60% loan-to-value (LTV), was introduced by the Edmond de Rothschild Real Estate Investment Management (REIM) team, who we've worked closely with on several projects in recent years. These include Edinburgh's Stead's Place and Nottingham's Lace Market Quarter.
Relationship manager James Reeves headed up the deal. He said: "In recent years, the wider South Bristol area has been home to a number of serious regeneration initiatives aimed at improving infrastructure and employment prospects.
"Lakeshore is a perfect example of this, whereby a fascinating building has received a new lease of life as residential accommodation. Paired with the chance to work with Edmond de Rothschild REIM once again, this was an opportunity we simply couldn't turn down."
James' comments reflect the significant investment into Bristol aimed at improving infrastructure, developing new living spaces and generating employment opportunities.
James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: "We've worked with STB long enough now to know exactly what to expect. A quick, seamless turnaround where a relationship manager like James is just a phone call away in the event of any potential challenges."
Juan de la Peña López, director at Vandercliff SL, said: "Our first time working with STB was an extremely positive experience. Lakeshore is a unique property that really stands out in Bristol, and we're looking forward to continuing our investment journey over the next five years."
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