OakNorth Bank provides a £2.3 mn investment facility to Pertwee Estates

By Joy Dumasia

OakNorth Bank, the UK Bank of entrepreneurs by entrepreneurs, has provided a £2.3 mn investment facility to Pertwee Estates, the property developers.

The Capital from OakNorth Bank will refinance a loan used to convert Ipswich’s most exciting and historic buildings into 24,000 sq. ft. of modern, flexible office space. The building, now known as The Maltings, is believed to date back to around 1820 and was occupied for many years by R & M Paul.

A family business since 1899, Pertwee Estates has built a strong reputation for developing, managing and investing in commercial and residential properties across the East of England. The Colchester based developers led by brothers Julian and Mark Pertwee have completed numerous developments over the past 122 years, from the restoration of period and listed buildings to large-scale commercial buildings.

Mark Pertwee, Managing Director of Pertwee Estates, said: “This development forms part of the re-generation of Princes Street area – the gateway into Ipswich – so we’re hugely proud to be part of it. The building offers modern, flexible space for a mix of businesses of various sizes and could easily hold up to 300 people. It was clear from day one that Martin and his team at OakNorth Bank were very knowledgeable about the local community and the area’s commercial property market.”

Recently, IBS Intelligence reported that OakNorth Bank announced the strengthening of its Board of Directors by the new appointment of Carolyn Schuetz as a Non-Executive Director. Schuetz has over 30 years of experience in the global financial service and is a veteran with a track record for delivering large scale transformational changes and creating new ventures.