PMM completes £6.5M loan deal for office property in Burton-Upon-Trent
PMM REF closed its first transaction prior to the Christmas break, providing a £6.525m facility to property development firm Empryean Developments, turning the deal around in 3 weeks.
The finance was secured against 107 Station street, a 194,000 sq.ft office property and former brewery in Burton-upon-Trent. The property is a Grade II listed building and is partially let to Healthcare at Home, a European provider of clinical and pharmaceutical homecare solutions, on a long term lease.
The property is ideally positioned in the Midlands catchment area, for occupiers seeking large floor plates ranging from 20,000 to 40,000 sq. ft. with a short lead time to occupation, at a very competitive total occupational cost. The property’s true competitor is a design and build strategy and, as such, this asset has a compelling offering to occupiers
Gareth Williams and Domhnall Gaffney
CO-FOUNDING PARTNERS OF PMM REF
PMM were able to underwrite the real estate fundamentals rather than being driven by a loan policy, therefore structuring a loan to support our business plan to drive value in this property. Their partnership approach, commerciality and drive to close the deal will stand us in very good stead
Nick Charalambous
OWNER OF EMPRYEAN DEVELOPMENTS
