HB Reavis has secured a £47 million development financing package from Lloyds Bank Commercial Real Estate to be used for the full refurbishment and modernisation of Cooper & Southwark at 61 Southwark Street. The deal marks the first loan facility agreed by HB Reavis with a major UK bank after having only entered the London market a short time ago in 2013.
The site, which marked the company’s first refurbishment scheme in the UK and first development south of the river, was purchased 13 months ago from Aberdeen Asset Management and is a nine-storey, 7,000 sqm office building originally built in the 1970s.
Designed by architects TateHindle, HB Reavis is transforming an outdated, concrete office block into a quality and vibrant offering, adding additional floor space, terraces on the 5th and 6th floors, and a new self-contained unit on Great Guildford Street. It will be an inspiring and sophisticated workplace for professionals, among creative neighbours and a bustling neighbourhood.
Tomas Jurdak, CEO of HB Reavis UK, said: “Cooper & Southwark is a landmark project for us and the support of a leading UK institution like Lloyds Bank has been pivotal to realising our plans, helping to anchor us in the London development market. The development will become a trophy asset in our London portfolio once the major refurbishment has completed. The South Bank continues to be one of the most diverse and interesting markets across London and we expect to see strong levels of occupiers from across all sectors continuing due to the high levels of culture and amenity available.”
Jonathan Monnickendam, Relationship Director on the Developers team at Lloyds Bank Commercial Real Estate, added: “This is a significant refurbishment project that will bring much needed, quality space to the Central London market. We’re pleased to support such a significant piece of inward investment into the capital’s commercial offering and welcome the opportunity to support HB Reavis on future opportunities.”
The company has moved swiftly to complete the refurbishment with construction work underway and due for completion later this year.
