Blemain completes £3.9m bridge

Blemain completes £3.9m bridge



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Blemain Group has recently financed a £3.9 million bridging loan, for an out-of-London purchase of a significant size… .

Blemain Group has recently financed a £3.9 million bridging loan, for an out-of-London purchase of a significant size.

B&C can reveal that Blemain financed a £7 million landmark property transaction in the centre of Birmingham, with a £3.9 million bridging loan.

The 17 storey mixed-use Quayside Tower on Broad Street was purchased towards the end of last year by Peng Global Holdings and a private Chinese investment partner.

Even though large Chinese commercial investments are increasing in the London property market, the purchase of Quayside Tower is one of the first purchases of this size outside of the Capital.

The 133,000 sq ft tower which stands directly opposite to the International Convention Centre, provides 96,916 sq ft of office accommodation over the upper floors and 36,071 sq ft of leisure space on the ground floor. 

The landmark property is currently let under 11 occupational leases, with a weighted average unexpired lease term of nine years.  

Commenting on the bridging loan, Danny Waters, CEO of Enterprise Finance who arranged the financing, said: “Running into the central shopping and business district, the area along the A456 Broad Street is a popular recreational area with a large number of bars, restaurants and hotels, representing a great investment opportunity.

“Larger bridging loans have become increasingly common in London, with several prominent deals at large hotels and developments hitting the headlines, but the Quayside Tower deal has demonstrated that they can be used anywhere across the country with equal success.”

Gary Bailey, Sales Director for Blemain Group, said: “The purchase of Quayside Tower by Chinese investors is a huge vote of confidence in the commercial property sector in the city. 

“For a case of this size it was vital that we worked closely with Enterprise Finance, drawing on experience and knowledge, to ensure that progress remained on track and that the customer’s aims were met within their expected timeframe.”

Gary added: “Bridging loans are ideal for these sorts of short-term property transactions, as they’re quick to arrange while securing purchases in fast-moving markets while longer-term funding is put in place later.”

 

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