Aldermore has provided Saxon Square Christchurch with a £6.4m commercial mortgage, refinancing their key multi-let retail and hotel centre from a high street lender.
The shopping centre offers the only pedestrianised retail zone in the coastal town of Christchurch, located near the New Forest, Hampshire. Saxon Square sits behind Christchurch’s Mayor’s Parlour building and in a courtyard backdrop that’s home to both national and local retailers, food and drink chains, and many other businesses including a hotel and a gym.
Saxon Square benefits from lots of outdoor space which gives them the opportunity to support the local community in Christchurch with pop up space. The shopping centre also has an adjacent car park and attracts tourists from the surrounding areas, while also serving the everyday needs of local residents.
Graham Ritchie, head of commercial mortgages north at Aldermore, said: “It’s been a pleasure working with the Saxon team, and being able to deliver this deal. This commercial loan was needed to provide a long-term debt base, allowing the team to further enhance and develop this core quality asset. I’m grateful to James Thomlinson at Voltaire Financial for introducing the Saxon team to us and we’ve been impressed by his drive and first-class professionalism in helping us support one of his key clients; he was instrumental in executing the deal. We look forward to building our relationship with both the Saxon team and Voltaire Financial moving forwards.”
Mark Shooter, Saxon Square Christchurch Limited, said: “This was a complex deal in many ways, not least given we received a bid for the asset in the middle of the refinance. Ultimately this investment works well for us, and we chose to keep it. Aldermore were very patient and understanding and supported us, when I’m sure other lenders wouldn’t have. James Thomlinson from Voltaire Financial and his staff backed us every step of the way and we look forward to working together again soon.”
James Thomlinson, Voltaire Financial, said: “Our client sought a refinance away from their incumbent high street bank lender whose appetite to support retail-led assets had faded. This is something we see across the industry, often for legitimate reasons, but the reality in this case is that the entire asset has performed consistently well both prior to and during the Covid-19 pandemic. It is a credit to Graham Ritchie and the Aldermore team that it was the strength of the borrower and the fundamentals of the credit that concerned them most rather than just the asset class. My team and I look forward to completing more transactions together in the future.”
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