Hampshire Trust Bank (HTB) has completed an £8.28m facility to support the acquisition and preparatory works for a development site in central Manchester.
The facility, provided to Soller Nine Limited, enables the borrower to refinance its incumbent lender and release equity to progress demolition works and advance pre-let negotiations.
The site benefits from full planning consent for an 18-storey Grade A office building designed to achieve BREEAM ‘Excellent’, Energy Performance Certificate (EPC) A, WELL ‘Gold’ and Wiredscore ‘Platinum’ ratings.
The deal involved eight titles, requiring a carefully structured approach to keep progress on track.
HTB moved quickly to deliver a facility that supported both refinance and development readiness.
The facility was led by Harry Bhogal, supported by Joe Gibson as relationship manager, with BNP Paribas providing valuation advice and Glovers acting as legal counsel, alongside strong support from Credit given the non-standard nature of the facility.
Harry Bhogal, lending director at HTB, said: “This was a technically challenging deal that required a clear understanding of the planning and title structure to move forward.
“We worked closely with Soller to shape a facility that managed risk and gave them the confidence to start key on-site works while advancing pre-lets. It shows how we look beyond conventional criteria to find solutions that make commercial sense for all sides.”
Nick Treadwell, CEO at Soller, said: “This transaction involved multiple titles and a complex planning position, so it required a lender that could grasp the detail quickly and structure around it. HTB did exactly that.
“They understood how critical timing and liquidity were to keep the project moving, and their responsiveness gave us the certainty we needed to press ahead. It was a very collaborative process and one we’d be happy to repeat.”
Neil Leitch, managing director of development finance at HTB, said: “Manchester remains one of the UK’s most dynamic regional cities, with sustained demand for high-quality, sustainable workspace.
“The city continues to attract occupiers seeking energy-efficient buildings, and schemes like this are vital in addressing the shortage of Grade A supply.
“This transaction reflects the kind of intelligent structuring and collaboration that define our approach to development funding, supported by the team’s regional insight and ability to act decisively.”
