Lloyds funds final phase of Openshaw scheme

Dransfield Properties has completed a £23m refinancing of its Lime Square retail-led regeneration scheme in Openshaw, East Manchester, with Lloyds Bank Commercial Banking.

The five-year agreement was completed midway through an existing deal with another bank, which was set to expire in 2015, as the developer aims to focus on bringing forward a number of new opportunities from across its portfolio.

Lime Square is anchored by an 80,000 sq ft Morrisons superstore, which opened its doors in 2010.

Two further fully let phases have been added to the scheme in the last three years. The company has worked in partnership with Manchester City Council and New East Manchester as part of their strategic regeneration plans.

B&M Stores, McDonalds, PCT Healthcare and Poundland are among the other tenants at Lime Square and a first floor GP practice catering for 5,000 patients also opened in August last year.

Work is now underway on the fourth and final phase of the project which will see a new health and fitness centre, to be operated by the Gym Group, opening in the summer. Phones4U and Barclays are also set to take up space at the scheme.

This final phase at Lime Square is due to be completed in June 2014 by main contractor PDR Construction, based in Hull. The company has worked on all four phases of the project.

Dransfield Properties has been a Lloyds Bank customer since 1999.

Mark Dransfield, managing director at Dransfield Properties, said: "With this deal now secured we can begin to bring forward the next phases of Lime Square's already successful growth. The development has played an important role in helping to regenerate Openshaw, both improving amenities for local residents and creating new jobs for its communities.

"Lloyds Bank's strong support over the past 15 years has been instrumental to our own ability to create schemes like Lime Square across the North of England and this latest agreement confirms them as our most significant banking partner."

Tom Cross, relationship director from Lloyds Bank Commercial Banking's mid-markets real estate team, added: "Dransfield has a proven track record as an excellent asset manager with a keen eye for excellent development opportunities of which Openshaw is a prime example.

"With strong links to major national retailers, many of which are on long term leases across its developments, the business is well placed to capitalise on the economic recovery through its new and existing schemes."

Dransfield specialises in town centre regenerations through high quality, retail-led schemes. The company was established in 1992 and has a number of developments in market towns and district centres across the Midlands and the North.

Dransfield was advised by JMW Solicitors and Lloyds Bank by Squire Sanders.