Press Releases

20th November 2017

Developers choose Hodge Bank for London project

Hodge Bank, the independent, privately-owned real estate specialist has concluded its first deal with London-based property investment and development company St Thomas’ Church LLP.

The project will see the belfry tower at St Thomas’ Church in Southwark converted into an apartment over four floors and the main building becoming a restaurant.

The garret adjoining the bell tower in St Thomas’ houses Britain’s oldest operating theatre. Now a museum, surgical procedures were performed there from 1822 until 1862, when the operating theatre was transferred to a new site in Lambeth.

The operating theatre and viewing platforms remained blocked off and untouched until 1956 when the roof space was re-opened and its contents discovered.

Built in 1703, the church was until recently the head office of property development company Cathedral Group, before a merger with Development Securities to become U and I Group plc.

Brent Arthur, who negotiated the deal for Hodge Bank, said that all the building’s historic features would be retained, with the museum and the apartment served by a new lift.

“The restaurant is due to open on 22nd November. Owned by Lord Alpha Investments Ltd, it will be the first Duddell-branded restaurant in the UK. The original in Hong Kong’s Duddell Street has two Michelin stars and is also renowned for its art gallery,” said Brent.

“The belfry tower apartment should be finished by October. When all the work is complete, it will value the building in the region of £7m and the conversion will secure this fascinating landmark for many years to come.”

Barry Bennett, one of the principals at St Thomas’ Church LLP, added: “We are delighted with the funding offered by Hodge Bank. It will enable us to further improve and develop the iconic St Thomas’ Church.

“It is the first deal that our respective companies have concluded together and hopefully represents the first of many to come.”

12th July 2017

Hodge Bank completes first deal in the north east

Cardiff bank Hodge has completed its first deal in Gosforth, Newcastle, funding the initial-phase conversion from office space to 73 apartments at the Regent Centre business park.

It is the private bank’s second deal with the Midos Group, the first being a £10m loan to enable the company to convert offices in Birmingham into 160 apartments.

Built in the 1970s, the Regent Centre was part of then Europe’s largest office complex. In 2014 the property was purchased, as part of a wider portfolio, by Kennedy Wilson Real Estate for £296m.

Following a brief period of ownership, the Regent Centre was subsequently carved out of the portfolio and sold to the current freeholder in 2015.

Once home to many public and private sector businesses, the present owners have worked hard to address occupancy shortfalls and have now also secured permitted development rights to convert vacant office buildings into a further 400 apartments.

Hodge Bank is lending the Midos Group £6m to convert Northumbria House into 73 one and two-bedroom apartments, with construction of the two-year project already underway. Gareth Davies, pictured, who negotiated the deal for the bank, says there is a shortage of apartments to rent.

“We are seeing demand increase for rental accommodation across the UK, including the North East, where we expect Northumbria House in Gosforth to be the first of three or four properties on the business park converted from office to residential use.

“Assuming demand continues, we hope to fund further properties that are currently being considered for conversion to residential use. This could potentially see 400 apartments being brought to the rental market over the next four years,” said Davies.

The deal between Midos and Hodge Bank was arranged by Manchester-based commercial property broker Seaford Finance.

9th June 2017

Fruition Properties team up with Hodge Bank

London developer Fruition Properties has borrowed £7.3m from Hodge Bank to develop Madison Apartments, pictured, one of its apartment schemes in Wyfold Road, Fulham.

Led by managing director Mani Khiroya, the Regent Street developer comprises a 40-strong team specialising in land acquisition, planning, construction, interior design and property management, having been formed in 2004.

The company has acquired seven new sites in the past 12 months, contributing to an entire development pipeline worth over £350m.

Its Wyfold Road scheme has seen a former office building carefully remodelled into 16 stylish one and two-bedroom apartments, plus a luxuriously-appointed penthouse. To date, the development is 50 per cent sold.

Paul Green, who negotiated the deal for Hodge Bank, said: “Having worked with Fruition Properties on previous schemes in London, we knew the company’s expertise would produce a selection of stylish, quality apartments.

“They are already proving to be in demand, reflecting once again the care taken by their specialist team to design beautiful homes.”

Mani Khiroya, managing director of Fruition Properties, added: “Hodge Bank is a trusted partner of ours. Its team has supported us with a number of projects across London, aiding our goal to deliver innovative homes which provide outstanding returns.”

One-bedroom apartments start from £575,000. For further information please call Fruition Properties on 020 3828 0128 or visit www.liveatmadison.co.uk