Leeds & London Land has been granted a £1.3 million loan from Santander Corporate Banking. The funds will be used to finance the purchase of three commercial properties and a car park in Bradford. An additional commercial property in Hull is also part of the deal.
The commercial properties located in Bradford City Centre are Stonegate House, Elton Lodge, and Fraternal House. All the properties are fully occupied by long-term tenants. The Broadgate House Car Park is used by Stonegate House Tenants, and has 156 spaces. The property in Hull which is part of the deal is Haworth House, which is the current home of the RHSM School of Music, Media & Technology.
The company was drawn to Bradford as an investment choice due to its relatively inexpensive property prices. The construction of the Westfield leisure and shopping complex is expected to drive up prices in the area over the long term, and Leeds & London Land is pleased that the properties are occupied by what it considers good tenants
Leeds & London is in negotiations with Santander to obtain financing for two more properties in Bradford’s Little Germany area, one of the city’s busiest commercial areas. The company has invested in residential and commercial properties in the past and was especially interested in adding to its commercial real estate portfolio.
Zaheer Nazir, the company’s director, has stated he is considering moving financing for his entire portfolio of between 60 and 70 properties to Santander, citing that he is very pleased with how forthcoming the lender is with providing financing for area properties.
In 2010, Santander increased its business lending in Yorkshire by 71 per cent, which added up to £353 million in funding for area businesses. The lender has stated that it provided a higher amount of financing in 2011, but did not release the figure.
