Carpenter secures £27m against Hardman House
The developer has inked a corporate refinancing deal with Lloyds Bank secured against its 355-bed student accommodation and mixed-use scheme in Liverpool city centre and is seeking further investments.
In particular, the company is hatching proposals for “another landmark city centre site” but declined to provide details.
The three-year refinancing deal will help student property and housing specialist Carpenter Investments expand its existing £150m portfolio of student, commercial and private residential developments, it said.
Hardman House, on South Hunter Street, opened last year and comprises accommodation for 355 students and a 40,000 sq ft Liverpool John Moores University faculty and education building. The scheme sits adjacent to the LJMU campus.
In addition to Hardman House, Carpenter has completed 17 other developments since it was founded in 2010, including around £65m of properties in Liverpool’s emerging Knowledge Quarter, it added.
Carpenter, the parent of local studio L7 Architects, construction firm Carpenter Build and residential property management company Urban Sleep, undertakes the design, construction and operation of all its buildings and says it is focussed on long-term ownership.
It is seeking further investment opportunities as a result of the £27m Lloyds deal.
Alan Beer, managing director of Carpenter Investments, said: “Hardman House was a significant milestone for [us], but we’re not standing still. We’re already working on some really exciting and creative plans that will be transformative for another landmark site in the city, and are actively seeking new locations to build.
“This [loan] facility from Lloyds Bank is a show of faith in the prospects of the city-region’s property sector and our plans as we look to support economic recovery and the return of students to Liverpool.”
Carpenter was advised on the transaction by Hill Dickinson. Shoosmiths advised Lloyds Bank.
It’s refreshing to see a successful Liverpool based developer who delivers on all schemes they design, build and manage in the city. They quietly get on with “doing the job” – regenerating places, employing hundreds in their in-house companies, including their own architects and build team; creating economic prosperity, delivering valuable, well-managed PRS housing and designing high quality buildings.
Carpenter are a success story for Liverpool and the City Council should be looking at how they deliver developments rather than cow-tow to the young urbanism dandies of city who are all too quick to talk-up their projects, but sadly regularly have little or no experience in delivering them!
Good luck to Carpenter Investments, L7 Architects and Carpenter Build in bringing more exiting major development projects to Liverpool.
By Myself!
This company keeps a low profile but comes up with some well thought out schemes and delivers. Hardman House replaced a tired and worn looking red brick building, and has proved an attractive and viable alternative.
By Anonymous