Martley refinances and rebrands Leeds landmark
Martley refinances and rebrands Leeds landmark
Grade A office upgrade to complete in 2028
- What Martley has refinanced Bridgewater Place in Leeds
- Why Refinancing will facilitate the repositioning of the building into grade A office space
- What next The asset will be rebadged as One Water Lane
Martley Capital has completed the refinancing of Bridgewater Place, one of Leeds’ most recognisable buildings, Green Street News can reveal.
Martley has secured a £22.9m senior loan from Puma Property Finance, along with a mezzanine loan note arranged by Martley Capital’s Gap Funding programme.
The refinance will allow Martley to carry out a full refurbishment, with the building to be rebranded as One Water Lane. Located close to Leeds railway station within the city’s South Bank district, it currently comprises around 235,000 sq ft of offices, 15,000 sq ft of retail, and 268 car parking spaces.
Martley is now planning a full refurbishment of the building to provide grade A office space, targeting credentials including EPC A and BREEAM Excellent. The project is expected to complete in 2028.
The asset also includes a residential tower, which will retain the Bridgewater Place name.
“Bridgewater Place is one of the most recognisable buildings in the North of England”
Richard Croft, Martley Capital
The deal follows Martley Capital’s 2024 refinancing of the Mailbox in Birmingham, which was among the first major distressed office recapitalisations of the cycle and part of Martley’s continued investment in the sector, including the acquisition of the Lewis Building in Birmingham and Central Square South in Newcastle.
Richard Croft, chief executive of Martley Capital Group, said: “Bridgewater Place is one of the most recognisable buildings in the North of England, and this refinancing gives us the platform to return it to the standard its landmark status deserves.
“Renaming the office building One Water Lane marks a fresh start for the building and gives occupiers a clear identity for the new grade A space. Leeds has one of the tightest grade A markets in the UK, with record rents and very little new supply coming through. A fully repositioned, highly sustainable One Water Lane will be exceptionally well placed to meet that demand.
“We are grateful to Puma Property Finance for their support and look forward to working with them as the business plan progresses. Martley has been a staunch believer in the UK regional office occupier market, and the refinancing of One Water Lane will create much-needed grade A space in Leeds as part of our MCRO platform.”
Kevin Davidson, managing director at Puma Property Finance, added: “We are pleased to support Martley Capital on the refinancing of Bridgewater Place.
“The asset’s location at the heart of the South Bank regeneration, combined with a clear repositioning strategy and an experienced sponsor, made this an attractive opportunity as part of our increased lending appetite across London and regional UK office sectors.”
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