Lloyds Bank Commercial Banking has signed a five year financing deal with Dransfield Properties to allow it to complete the final stage of a Manchester shopping complex upgrade.
An 80,000 sq ft Morrisons store will anchor the Lime Square development
The £25m cash injection will see the final expansion of the Lime Square development completed by June this year. Dransfield — working in partnership with the city council and New East Manchester — says its long-running project has already attracted vital new businesses to the suburb and continues to breathe life back into the Openshaw area. Its current funding for the scheme expires at the end of 2015.
Following the closure of its last major factory, Openshaw fell into decline and is regularly highlighted in government statistics as one of the most deprived communities in England. Opened in 2010 as part of the East Manchester Regeneration Scheme, the Lime Street project was the first attempt to regenerate the former heavy industry and colliery community.
The £40m development’s anchor tenant is Morrisons’ 80,000sq ft superstore. The second phase of construction work was completed in February, 2012, attracting additional retailers and creating a brand new district centre. Among the existing tenants are Greggs, B&M Bargains, PCT Healthcare, Poundland and McDonalds which operates a two-storey restaurant. There is also a first floor medical practice serving 5,000 local residents.
Work is now underway on the fourth and final phase of the project, which will see a health and fitness centre operated by The Gym Group. Founded by former England squash player John Treharne, the company’s latest facility will occupy two floors in a key unit fronting Ashton Old Road. Other units have already been pre-let to the mobile phone company Phones 4 U and Barclays.
“This development has played an important role in helping to regenerate Openshaw, both improving amenities for local residents and creating new jobs for its communities,” said Mark Dransfield, managing director of Dransfield Properties. Based in Barnsley, South Yorkshire, the 22-year-old company specialises in retail-led regeneration schemes.
Tom Cross is relationship director at Lloyds Bank Commercial Banking’s mid-markets property team. “Dransfield has a proven track record as an excellent asset manager with a keen eye for excellent development opportunities of which Openshaw is a prime example,” he added.
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