Urban Splash secures funding for Plymouth’s Royal William Yard

Urban Splash has completed a £16.2m deal with The Co-operative Bank for its Royal William Yard project in Plymouth.   The five-year refinancing deal covers 174,000 sq ft of prime commercial space at the Yard, including an Everyman Cinema, galleries, boutiques, and restaurants. Over 57,000 sq ft of the Yard remains ready for development. Built 200 years ago, Royal William Yard is Europe’s largest collection of Grade I listed military buildings, built to supply the royal navy with food and provisions. Urban Splash has spent over two decades restoring the 10 buildings, transforming them into mixed-use community spaces. Royal William Yard is part of Urban Splash’s national regeneration portfolio, which includes over a million sq ft of commercial space and a development pipeline of more than 5,000 new homes at major regeneration sites including Port Loop in Birmingham, Campbell Park in Milton Keynes, and key sites in Swansea, Manchester, Windermere and Sheffield.  Sarah Battye, director of finance at Urban Splash, said: “This refinancing deal is a major vote of confidence in Royal William Yard. It’s an iconic, income-generating attraction with a unique history. In a market that remains cautious around investing in commercial property, this deal speaks volumes about The Co-operative Bank’s confidence in our team and belief in the future of the Yard. “We’ve worked hard to sensitively regenerate the Yard in keeping with its historical significance, and we’re proud that it’s now a thriving community that combines history, character and commercial strength. We’re delighted to continue our longstanding relationship with The Co-operative Bank and its dedicated relationship managers, working together to develop disused buildings across the country for the good of their communities.” Jordan Lazenbury, corporate banking manager at The Co-operative Bank, added: “We’re honoured to support Urban Splash on this exciting project. The team has created a distinctive, resilient destination at Royal William Yard that stands out in today’s market. It’s a natural fit for the Bank and our ethics, supporting communities across the country to grow and thrive.” TLT acted for The Co-operative Bank and Eversheds acted for Urban Splash.