Baldwin Design Consultancy made the masterplan for Lune Business Park. Credit: via Hurstwood Holdings

Hurstwood nets £50m refinancing deal

The Manchester-based developer will use the financing from Rothschild & Co to support its £40m ambitions to redevelop Lune Business Park.

A key part of Hurstwood Holdings’ redevelopment strategy for the 23-acre Lancaster estate is building 200,000 sq ft of speculative industrial space across 65 units. The company also wants to construct a convenience store, nursery, café and pharmacy on the site, which sits off New Quay Road.

The agreed-upon £50m in loan increases and refinancing from Rothschild will ultimately go towards two of Hurstwood’s seven property portfolios. The two portfolios include industrial, office, commercial and investment projects.

Andy Park, managing director of Hurstwood, said: “Our first funding deal was agreed with Rothschild & Co in 2015 – at a time when debt funding was far more challenging than it is now –  so it is particularly fitting that we have renewed our facility again, and a testament to the bank’s trust in our ability to deliver.”

In addition to Hurstwood’s Lune plans, Park said the money would go towards growing the company’s more than £250m commercial portfolio.

Ros Harper, managing director of real estate debt management at Rothschild, said: “We are pleased to have been able to support Hurstwood in undertaking a programme of successful acquisitions, asset management and development initiatives over a number of years.

“The recent facility increases and refinancing are testament to the strong performance of its real estate portfolios. In particular, we are excited to be part of the new industrial development at Lune.”

Planning permission for the Lune project was granted by Lancaster City Council in November last year. Baldwin Design Consultancy drew up the masterplan, while Broadgrove Planning was the planning consultant.

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