Yorkshire developer continues with final stage of retail-led scheme

DEVELOPER Dransfield Properties is continuing with the final stage of a retail-led scheme in east Manchester after agreeing a £23m, five-year finance package.

Barnsley-based Dransfield has refinanced its Lime Square scheme in Openshaw with Lloyds Commercial Banking, which has replaced another lender, understood to be Barclays, whose loan was due for repayment next year.

Lime Square is anchored by an 80,000 sq ft Morrisons which first opened in 2010. Two further fully let phases have been added in the last three years.

Work is underway on the final phase which will see a new health and fitness centre opening in the summer. Phones4U and Barclays are also set to take up space. The work should be finished in June by Hull-based PDR Construction.

Managing director Mark Dransfield said: “With this deal now secured we can begin to bring forward the next phases of Lime Square’s already successful growth. The development has played an important role in helping to regenerate Openshaw, both improving amenities for local residents and creating new jobs for its communities.”

Tom Cross, relationship director at Lloyds’ Mid-Markets property team, said: “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.”

Dransfield was advised by JMW Solicitors and Lloyds Bank by Squire Sanders.