Martley Capital relaunches Bridgewater Place as One Water Lane
The investment manager said it will fully refurbish the 250,000 sq ft Leeds South Bank office tower, as it completed the refinancing with Puma Property Finance.
The new financing comprises a £22.9m senior loan provided by Puma, together with a mezzanine loan note arranged by Martley Capital’s Gap Funding program.
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.”
The refinancing will allow for a full repositioning of the office building, which will be rebranded as One Water Lane. This follows Martley Capital’s 2024 refinancing of the Mailbox in Birmingham, which was among the first major distressed office recapitalisations of the cycle.
Martley’s other deals in the regional office market include the acquisition of the Lewis Building in Birmingham, and Central Square South in Newcastle.
One Water Lane provides 250,000 sq ft of commercial space, comprising 235,000 sq ft of offices and 15,000 sq ft of retail, along with 268 parking spaces. The building is a three-minute walk from Leeds Station and sits at the heart of the South Bank regeneration area. Leeds South Bank has also been shortlisted under the Government’s New Towns Programme, with capacity for up to 20,000 new homes.
Martley Capital plans a full refurbishment of the building to deliver Grade A office space, taking advantage of the increasing demand for prime regional offices at a time when supply is low.
Expected completion is due in 2028.
The rebranding of the BWP office building to One Water Lane will give it a separate identity from the residential tower, which will keep the Bridgewater Place name, and underlines the repositioning.
Croft added: “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 OWL will create much needed Grade A space in Leeds as part of our MCRO platform.”
Kevin Davidson, managing director, Puma Property Finance, said: “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.”
