Riverside Retail Park, in Coleraine, one of the largest retail destinations in Northern Ireland, has agreed a £25 million refinancing deal with Santander Corporate Banking with the new agreement managed by the bank’s specialist corporate banking team in Belfast.
Santander has agreed to provide the term loan facility to Kelvin Properties and Westside Developments, who own the freehold of the entire 60 acre site including a number of retail and warehouse units on the park.
Riverside Retail Park is the dominant Retail Park in the North of province. The scheme has a very attractive mix of retailers including B & Q, Pets at Home, Halfords, Carpetright, McDonalds, B & M Stores, all sitting adjacent to a large Sainsbury Store.
In addition the complex has a great leisure offer which includes a Whitbread Premier Travel Inn and Table Table Restaurant, together with a Fitness First Gym centre and a number of other restaurants available to visitors.
Commenting on the refinancing agreement, Mark Thallon of managing agents TDK Commercial Property Consultants said: “Riverside Retail Park is one of the largest retail centres in Northern Ireland with excellent opportunities for further expansion and the owners are committed to further development on the site. The team are delighted with the support we have received from Santander and particularly Peter Torrens and Guy Phillips, who took the time to fully understand the developments and our aims and plans for the future, before providing a sensible solution.
Peter Torrens, Relationship Director at Santander’s regional corporate banking centre in Belfast said: “I am delighted that Santander has been able to support Riverside, which is well established Retail Park with a strong business model and an experienced management team.
“Santander Corporate Banking is committed to supporting strong, viable businesses across all industry sectors, by providing a true relationship banking service and our agreement with Riverside Retail Park is a great example of this.”