InterBay provides £54.5m refinance on ESG-accredited offices

Published on

InterBay has completed a commercial refinance totalling £54.5m in two locations in central London.

The two office locations, Great Suffolk Yard and The Risborough, cover over 80,000 square footage between them.

The client was looking to address a post-Covid demand for considered, appealing spaces focused on amenity & wellbeing, adapting their business model to cater to these changing needs.

Great Suffolk Yard

Mo Parmar, specialist finance account manager at InterBay, took the initial enquiry on 8 July, and the case took 14 weeks to complete, providing a 10-year interest-only financial solution.

These buildings have high ESG credentials including BREEAM ‘Excellent’ certified and EPC ratings of ‘A’;This means the properties are not only energy efficient but they also have a holistic sustainability approach.

PREMIUM PROPERTIES

Interbay explains that IBREEAM accredited buildings can achieve a rental premium of around 9% on average, with publicly listed tenants more likely to disclose their corporate social responsibility (CSR) policies and therefore more likely to occupy a sustainable-labelled space.

InterBay’s in-house sales, underwriting and completions as well as the external legal team at Paris Smith, meant that the deal was actively managed with any potential challenges identified and resolved swifty.

“It shows once again InterBay’s expert approach to this type of commercial case”

Adrian Moloney

Adrian Moloney, group intermediary director at OSB Group, said: “This achievement showcases InterBay’s prowess in handling substantial transactions and highlights our efficiency in turning around complex deals swiftly.

“With Mo’s collaborative approach including sales, underwriting, and real estate teams working seamlessly as one, it shows once again InterBay’s expert approach to this type of commercial case.”

Ashley Slade, managing partner, AWS Financial Services, added: “Our client’s business is built on high-quality long-term business relationships. The decision to proceed with InterBay as the funding partner was thoroughly considered to ensure alignment with our aspiration for the properties and core values.

“InterBay maintained a pro-active approach throughout to deliver a very efficient & well-executed transaction. The whole team at InterBay were thoroughly impressive and we look forward to working with them for future projects.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Mortgage brokers warn DIPs are giving borrowers false confidence

Mortgage brokers have warned that decisions in principle (DIPs) are giving some borrowers false...

Bellway backs Your First Home as mortgage costs hit demand

Bellway has backed the government's proposed Your First Home scheme as the housebuilder warned...

SPF eyes broader proposition as it transitions to Howden Private Clients

SPF Private Clients is preparing to broaden its proposition beyond mortgages and protection as...

Higher borrowing costs ‘here to stay’ as gilt yields remain elevated

Long-term UK borrowing costs are likely to remain elevated near 5% even if geopolitical...

ModaMortgages introduces buy-to-let fixed rates from 4.14%

ModaMortgages has launched a limited edition range of buy-to-let mortgages, offering two-year fixed rates...

Latest publication

Other news

Mortgage brokers warn DIPs are giving borrowers false confidence

Mortgage brokers have warned that decisions in principle (DIPs) are giving some borrowers false...

Bellway backs Your First Home as mortgage costs hit demand

Bellway has backed the government's proposed Your First Home scheme as the housebuilder warned...

SPF eyes broader proposition as it transitions to Howden Private Clients

SPF Private Clients is preparing to broaden its proposition beyond mortgages and protection as...