Cambridge & Counties Bank supports acquisition of landmark asset,
A successful property investor, trading as Brookland Group, has secured a seven-figure funding package from Cambridge & Counties Bank to help finance the acquisition of The Portergate office complex in Sheffield.
Directors Simon Dawson, an experienced property investor, and Mike Taplin, a specialist solicitor with the firm Gunnercooke in the East Midlands area, have worked together extensively under the banner of the Brookland Group and have a strong track record of success.
Brookland Group, introduced to the bank by James Thomlinson of Voltaire Financial, acquired The Portergate in partnership with a group of high-net-worth investors.
The Portergate building, which has been renovated to a very high standard, is located in a prominent area of Sheffield that benefits from significant car parking facilities to the rear. The overall lettable area is 58,280 sq ft.
Current tenants are CC33 FS Ltd and Clear Links Support Ltd, a non-medical support worker service. CC33 FS Ltd, a call centre provider, has enjoyed significant growth in 2020 off the back of strong demand for its services. The firm’s number of employees has increased from 179 to over 500.
This deal shows Cambridge & Counties Bank’s strong appetite to support professional UK property investors through its competitive lending products and close partnership with commercial finance brokers.
Simon Dawson, director at Brookland Group, said: “We’re delighted to be acquiring this landmark office asset in Sheffield which we believe offers excellent long-term growth and attractive yields. The current tenants have weathered the pandemic extremely well and this transaction emphasises the strength of suitable office buildings in prime locations.”
Andrew Buckley, senior relationship manager north at Cambridge & Counties Bank, said: “Brookland has an excellent, long-term track record in property investment, and we are highly confident this latest project in Sheffield will be another success. Supporting professional investors is the core of what Cambridge & Counties Bank does and underlines our strong belief in the real estate sector at this key time in the UK economy.”
James Thomlinson, co-founder at Voltaire Financial, said: “Cambridge & Counties Bank is a growing specialist property finance provider. Andrew and his colleagues impressed with their ability to understand the business plan and support a sophisticated borrowing structure in acquiring this asset. This is an example of good quality credit that is not sufficiently available from the mainstream banks. The Portergate is already proving to be an extremely successful investment.”