Funding secured for £11 million redevelopment of Bakers Quay, Gloucester Docks

08 December 2016

Rokeby Developments and Merchant Place Developments, jointly represented by Savills and JLL, have secured an £11.326 million forward funding from a private client advised by Kimmre for the first phase of redevelopment at Bakers Quay in Gloucester Docks. The prime leisure scheme is fully pre-let to national tenants Premier Inn, Brewers Fayre and Costa Coffee.
 
The new Premier Inn will comprise 104 bedroooms, while Brewers Fayre will create a  5,634 sq ft (523 sq m) pub restaurant in a former engine shed. Costa Coffee has agreed to lease  a new drive thru site spanning 1,800 sqft (167 sq m).
 
Situated in the heart of the leisure and retail quarter in the city, Bakers Quay is adjacent to Gloucester Quays outlet centre and the city’s prime Cineworld anchored leisure offer. These developments are home to brands including Calvin Klein, Jaeger, Nando’s and Pizza Express.  With the first phase due to be completed in early 2018, Bakers Quay will become part of the prime leisure destination in  Gloucester Docks.
 
Jonothan Holmes, investment director at Savills and Richard Servidei, Alternative Investment Director at JLL, says: “We are delighted to have secured funding for the redevelopment of Bakers Quay with Kimmre and their client. After a formal marketing campaign there was high level of interest leading to a competitive bidding process. Gloucester is a dominant retail and commercial city in the South West and the development and Bakers Quay will further enhance its reputation.” 
 
The development will also provide for the re-construction of Provender Mill into 47 residential apartments and the renovation and conversion of two nineteenth century listed warehouses into residential use. This second phase will also provide four further restaurant’s  within a wider mixed use scheme.
 
Adrian Goodall, Director at Rokeby Developments, adds:“We are well on the way now to discharging all our planning reserved matters and the post-BREXIT adjustments necessary for the development to proceed.
 
“Today is a major step forward for Bakers Quay. We are commencing construction of our first leisure phase, including Premier Inn as well our first residential building, Provender Mill. Works will comprise the initial enabling works package, including the demolition of the original mill buildings, destroyed by fire and ground works to be carried out by B&B Demolition, paving the way for Barnwood Construction to commence  next month.”
 
Mike Burden, partner at Kimmre, comments: “This is another excellent addition to our client’s portfolio and we are pleased to be working with Rokeby and Merchant on this exciting project. Our client specialises in offering forward funding to developers in a straight forward fashion where more institutional funders might seek to over complicate or engineer a transaction.”
 

 
 

Key Contacts

Jonothan Holmes

Jonothan Holmes

Director
Investment

Savills Birmingham

+44 (0)121 634 8443