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

Wealth advisers urged to consider later life lending in inheritance tax planning

Wealth managers should widen their inheritance tax planning options to include later life lending...

Stoke-on-Trent tops Paragon student rental yield rankings at 9.42%

Properties in known student postcodes generate higher average rental yields than those in non-student...

Bath Building Society recruits finance chief from Principality

Bath Building Society has appointed Annelie Grey as chief finance officer, recruiting her from...

L&G opens Ignite mortgage sourcing platform to all brokers

L&G has extended access to its Ignite mortgage sourcing platform to brokers across the...

Afin Bank recruit to lead treasury and regulatory reporting

Afin Bank has appointed Simon McClean as head of treasury and regulatory reporting as...

Latest opinions

In our industry, competition and collaboration aren’t opposites

If there's one theme running through the market at the moment, it's the power...

We must not accept our snail’s pace home buying system

Buying a house in this country can be ridiculously slow, as a handful of...

Deferment and capitalisation rates: small percentages, large consequences

The Government is currently consulting on Leasehold enfranchisement valuation rates to determine what deferment...

Your clients can’t tell which firm they’re dealing with

Two clients walk into your firm in the same week. One of them is a...

Other news

Wealth advisers urged to consider later life lending in inheritance tax planning

Wealth managers should widen their inheritance tax planning options to include later life lending...

Stoke-on-Trent tops Paragon student rental yield rankings at 9.42%

Properties in known student postcodes generate higher average rental yields than those in non-student...

Bath Building Society recruits finance chief from Principality

Bath Building Society has appointed Annelie Grey as chief finance officer, recruiting her from...