Urban Splash clinches £16m refinancing for Grade I-listed coastal development

Manchester-based developer, Urban Splash, has completed a £16.2m refinancing deal with The Co-operative Bank for its Grade I-listed Royal William Yard estate in the 200th year of Plymouth’s most famous historical attraction.

The five-year refinancing deal, arranged with the support of funding agents Deloitte, covers 174,000 sq ft of prime commercial space at the Yard, a thriving waterfront destination now home to occupiers including an Everyman Cinema, galleries, boutiques, and restaurants.

More than 57,000 sq ft of the Yard remains ready for development, primed with potential.

Royal William Yard is Europe’s largest collection of Grade I-listed military buildings, built to supply the royal navy with food and provisions and it played a vital role in supporting Britain’s Naval operations.

Urban Splash has spent more than two decades restoring the ten buildings, transforming them into vibrant mixed-use community spaces while preserving their rich heritage, with original names like Brewhouse and Slaughterhouse still proudly stencilled onto their façades.

Royal William Yard

Sarah Battye 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.”

She added: “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.”

The Co-operative Bank was acquired by Coventry Building Society in a £780m deal in January this year, but retained its main operational centre in Manchester.

Jordan Lazenbury, corporate banking manager at The Co-operative Bank, said: “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.”

The agreement follows a growing number of strategic financial partnerships for Urban Splash.

In 2023, the business announced a £10m funding joint venture with Grosvenor to acquire development land, expanding its national footprint.

Royal William Yard

Previous deals with The Co-operative Bank have supported Urban Splash schemes including Albert Mill in Manchester and the iconic upside-down houses at Chimney Pot Park in Salford.

Royal William Yard is part of Urban Splash’s national regeneration portfolio, which includes more than one million sq ft of commercial space and a development pipeline of in excess of 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.

Tom Bloxham, Urban Splash chairman, said: “This refinancing is another vote of confidence in Urban Splash and our team. It gives us the confidence and capacity to keep building on our 31 years of delivering extraordinary places across the country – places where people can live, work and play.”

TLT acted for The Co-operative Bank and Eversheds acted for Urban Splash.