• Urban Splash has completed a £16.2 million refinancing deal with The Co-operative Bank for its Grade I Listed Royal William Yard estate
• In the 200th year of Plymouth’s most famous historical attraction

Award-winning regeneration company Urban Splash has completed a £16.2 million deal with The Co-operative Bank, reinforcing confidence in its Royal William Yard project.

The five-year refinancing deal – arranged with the support of funding agents Deloitte – covers 174,000 sq ft of prime commercial space at the Yard, a thriving waterfront destination now home to leading occupiers including an Everyman Cinema, galleries, boutiques, and restaurants. Over 57,000 sq ft of the Yard remains ready for development, primed with potential.

Built exactly 200 years ago, Royal William Yard is Europe’s largest collection of Grade I listed military buildings, built to supply the royal navy with food and provisions and played a vital role in supporting Britain’s Naval operations. Urban Splash has spent over two decades restoring the ten buildings, transforming them into vibrant mixed-use community spaces while preserving their rich heritage – with original names like Brewhouse and Slaughterhouse still proudly stencilled onto their façades.

Sarah Battye at Urban Splash, said: "This refinancing deal is a major vote of confidence in Royal William Yard. It’s an iconic, income-generating attraction with a unique history. In a market that remains cautious around investing in commercial property, this deal speaks volumes about The Co-operative Bank's confidence in our team and belief in the future of the Yard.

"We’ve worked hard to sensitively regenerate the Yard in keeping with its historical significance, and we’re proud that it’s now a thriving community that combines history,

character and commercial strength. We’re delighted to continue our longstanding relationship with The Co-operative Bank and its dedicated relationship managers, working together to develop disused buildings across the country for the good of their communities."

Jordan Lazenbury, Corporate Banking Manager at The Co-operative Bank, added: "We’re honoured to support Urban Splash on this exciting project. The team has created a distinctive, resilient destination at Royal William Yard that stands out in today’s market. It’s a natural fit for the Bank and our ethics, supporting communities across the country to grow and thrive."

The agreement follows a growing number of strategic financial partnerships for Urban Splash. In 2023, the business announced a £10 million funding joint venture with Grosvenor to acquire development land, expanding its national footprint. Previous deals with The Co-operative Bank have supported Urban Splash schemes including Albert Mill in Manchester and the iconic upside-down houses at Chimney Pot Park in Salford, as Nathan Cornish added: “It’s great to be working with The Co-operative Bank again as they have helped us deliver some of our most successful regeneration projects across the North West’.

Royal William Yard is part of Urban Splash’s national regeneration portfolio, which includes over a million sq ft of commercial space and a development pipeline of more than 5,000 new homes at major regeneration sites including Port Loop in Birmingham, Campbell Park in Milton Keynes, and key sites in Swansea, Manchester, Windermere and Sheffield. Tom Bloxham MBE, Chairman of Urban Splash, concluded: "This refinancing is another vote of confidence in Urban Splash and our team. It gives us the confidence and capacity to keep building on our 31 years of delivering extraordinary places across the country – places where people can live, work and play.”

TLT acted for The Co-operative Bank and Eversheds acted for Urban Splash.