Supporting Castlemore with their Phase 2 development

Useful information

The challenge

Castlemore Securities Ltd is one of the UK’s largest and most successful private property developers and investors, with over 30 years of experience.

Building upon the success of its Phase 1 development of Bristol’s Temple Quay, which attracted many big brand occupiers, Castlemore intended to create a speculative office development to form the first commercial part of Phase 2 of the project.

Castlemore required:

• A substantial multi-million pound funding package for the Grade A development.
• Flexibility to accommodate changing planning issues.
• Interest rate hedging expertise linked to the project.

The solution

Castlemore was looking for a competitive banking offer for the 52,066 square-feet speculative office development. Based on the company’s reputation and capability, we were able to offer a £17 million funding package.

“We listened to what Castlemore wanted and put something in place that precisely matched the customer’s requirements,” says Clive Hetherington, Lloyds TSB Corporate Markets Director and Head of Large Corporate South West Region, who worked together with the Structured Property Finance Team to put the package together. “It wasn’t just about price, but about the structure of the deal.”

“There is a high level of demand for Grade A offices in Bristol city centre and we are very encouraged by the interest the scheme has already attracted from potential occupiers.” says Ken Smith, Financial Director, Castlemore Securities “We are delighted to be working with Lloyds TSB Corporate Markets and we are certain that this new office scheme will be a great success.”

Why Lloyds TSB Corporate Markets?

• The ability to structure complex proposals to meet the customer’s needs.
• A willingness to fund property on an investment or development basis.

To find out how we could help your business, contact us.