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C O M M E R C I A L P R O P E R T Y B O N D
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The Ship, Plymouth
Ocean Crescent, PlymouthEurotech House, Plymouth
Burrington Business Park, PlymouthDean Clarke House, Exeter
3
CONTENTS THE OPPORTUNITY
03 THE OPPORTUNITY
04 BURRINGTON ESTATES BACKGROUND
08 SOUTH WEST FOCUS
12 WHY INVEST IN A BOND?
13 WHY INVEST IN THE BURRINGTON ESTATES BOND?
16 BOND PORTFOLIO ASSETS
24 SELF-CREATED CONCEPTS
26 OUR MANAGEMENT TEAM
28 KEY PARTNERS
Burrington Estates is delighted to announce
the issuance of a bond to refinance our existing
commercial property portfolio, which consists of
high quality, newly refurbished and tenanted assets
in the South West of England.
The new Burrington Bond is a compelling, high
yielding investment opportunity in the current low
interest rate environment.
Highlights of the Burrington Bond are:
• Offers an 8% gross fixed rate 5-year coupon
(subject to the Company’s right to repay early
at any time) with distribution of income six
monthly in arrears
• Secured by a portfolio of 5 fully completed,
tangible commercial buildings, 4 fully tenanted
and the fifth 50% occupied, and secured by the
Debenture
• Features historic, iconic and distinctive assets
including The Ship building in Plymouth (former
home of The Daily Mail) and the prestigious
conversion of Dean Clarke House (formerly the
Royal Devon Hospital) in Exeter
• Portfolio income is derived from several
large anchor tenants (e.g. Sitel UK Ltd, which
occupies 45,000 sq ft of The Ship) and a
diverse range of other tenants, creating good
income diversification at +90% occupancy and
minimising risk exposure to any single firm or
industry
This fully secured bond
will offer an 8% gross fixed
rate coupon per annum
for a 5-year term
• Innovative, self-created business concepts
including Thrive Co-working Hubs
(headquartered at Ocean Crescent in Plymouth)
and Adrenalin Urban Activity Parks
• Strong cash flow and attractive valuation
with potential value uplift through asset
management and further planning permissions
• Burrington Estates is a well-established firm
with a proven track record of completing
projects with a value in excess of £100 million
GDV over the past 6 years
• Available to sophisticated and certified high
net worth investors
• Minimum investment of £25,000 and maximum
investment of £1.5 million for a SIPP or SSAS; no
limit for any other person
• Minimum amount to be raised £3 million and
maximum amount to be raised £10 million
• There is a clear exit strategy for the return of
the bond principal amount at the end of the
5-year term
5
BURRINGTON ESTATES BACKGROUND
Burrington Estates is at the forefront of high quality
new development and historic renovations in the
South West of England. With an extensive track
record of success in creating first class, design-
led commercial, residential and student schemes,
Burrington Estate’s portfolio encompasses
distinctive developments of scale, high-quality
mixed-use schemes, luxury individual homes,
sensitively refurbished historic buildings and
inspiring commercial regeneration projects.
Experts in the preservation of heritage sites and
renowned for breathing life into the buildings and
communities we develop, the Burrington property
portfolio reflects our understanding of the unique
needs of each market. Our projects provide
innovative and sustainable commercial spaces
which attract businesses to not only relocate but
also remain, enjoying the stunning environments
we create. In fact, the buildings across our portfolio
have been a stimulus for creating more than
one thousand new jobs for the region, thereby
supporting the local economies.
Burrington Estates sets new standards in design
and build, achieved through working collaboratively
with hand-selected, trusted specialists at every
stage of the development and renovation
processes. Our suppliers have unrivalled expertise
in their trades, ensuring that Burrington homes
and commercial schemes set us apart from
volume providers.
We also work as a trusted partner with our equity
investors, and our specific experience in maximising
Our ethos is to create value
in all projects through
collaboration, setting new
standards in design and build
18
£100TOTAL GDV DELIVERED
PROJECTS COMPLETED
1528PLANNING PERMISSIONS ACHIEVED
STAFF
BANKS
£149m
£136m
£85m
£65m
£20m
£0m
Year 2012
2013
2014
2015
2016
MILLION ++
20+POTENTIAL PIPELINE OPPORTUNITIES
127
INVESTORS
38COMPANIES
320,000
£2.1COMMERCIAL SQUARE FOOTAGE DELIVERED
TOTALCOMMERCIALRENT ROLLMILLION
FAMILY COMPANIES LAUNCHED
400CURRENT HOUSING LAND BANK
HOUSING PLOTS
500+UNITSSTUDENT SCHEME DELIVERY
5
PLYMOUTH
EXETER
Dean Clarke House
EurotechHouse
The Ship
Ocean Crescent
BBP
7
the commercial value from market-leading
developments has consistently delivered
strong returns.
Our current portfolio includes commercial,
residential and student mixed-used developments
spanning the South West, totaling £150m Gross
Development Value “GDV” (inclusive of our current
land bank awaiting the start of construction).
We believe that the South West, and Devon, in
particular, has huge potential for investment – so
much so, in fact, that in 2014 we relocated our
team to the historic Dean Clarke House (which
we also refurbished that year) in Exeter’s elegant
Southernhay district.
We have established an excellent platform for
growth, a proven track record of assembling and
delivering complex projects and the experience
that positions us well to achieve future planning
consents for creative and imaginative schemes,
whilst being sympathetic to the local environment.
The next phase of the company’s evolution will be
focused on expanding our New Homes business
whilst consolidating our commercial portfolio,
which will be asset managed to maximise income,
whilst also exploiting growth through the building
of additional facilities on each piece of land.
Since 2010, we have
completed projects valued
in excess of £100 million
Our strong platform for
growth and proven track
record of delivering
investor returns positions us
well for continued success
BURRINGTON ESTATES BACKGROUND
9
SOUTH WEST FOCUS
Burrington Estate’s strategic
focus on the South West
leverages our strengths and
maximises opportunities to
create value
Plymouth’s population has
expanded by 15,400 over
the last ten years, and the
ambition is to grow the city’s
population to over 300,000 in
the long term
VisitPlymouth (2015)
Burrington Estates is focused on properties in the
South West, particularly in and around Plymouth
and Exeter. This very specific strategy is
designed to:
• Leverage the management team’s deep local
knowledge and extensive contacts
• Take advantage of the lack of competition from
rival sophisticated, well-resourced developers
• Foster development in the steady and sustained
economic growth of the region versus the more
volatile London market
• Exploit meaningful opportunities to buy for
good value
• Enable our team to enjoy living and working
in the South West, making the most of its
lifestyle benefits
STRONG GROWTH OPPORTUNITIES IN PLYMOUTH
With several major regeneration projects either
underway or in the pipeline that will inject new
shops, new opportunities and new life into the heart
of the city, now is the time to invest in Plymouth.
As the countdown to Mayflower 2020 continues,
a compendium of exciting projects is developing
with the aim of revitalising the city centre and
bringing more people back into the heart of
Britain’s Ocean City to shop, live, work, do business,
play and enjoy life. Plans to raise the profile of
Plymouth include the creation of a new coach hub,
an Innovation Centre, major cultural investment and
a new leisure centre. There is also a new town on
the outskirts of Plymouth at Sherford with a plan to
build 5,000 new homes.
“Industrial demand is steadily increasing across
Plymouth … with the majority of demand remaining
focused on smaller premises sub 5,000 sq ft.
Supply of units over 10,000 sq ft remains limited,
and virtually no stock exists over 20,000 sq ft.”
In terms of growth in office space, “the letting of
50,000 sq ft at The Ship to Sitel marks a major
boost in demand in Plymouth for 2016. This also
removes a major building from the supply picture,
as the majority of demand remains focused on
smaller premises sub 5,000 sq ft. Reductions in
stock will continue as more city centre buildings
are developed for alternative uses such as student
housing. Across the wider market, headline rents
improved and the majority of space continues to let
in the £10 - £12.50 psf region.”
Alder King 2017 Market Monitor: South West of
England and South Wales Property Review
At the heart of this growth, Burrington Estates has
commercial and residential properties in
Plymouth, namely The Ship, Ocean Crescent,
Burrington Business Park, Eurotech House,
Looseleigh Lane and Manadon Housing projects.
11
EXETER EXPECTED TO OUTPACE REGIONAL
ECONOMIC GROWTH.
Over £500m was invested in the Exeter area
between 2011 and 2016, and new investments
continue to improve the area’s infrastructure,
build new housing, create new university facilities,
introduce iconic new business premises and
improve sports facilities. Future plans include
the development of the Exeter Bus and Coach
Station site, and additional expansion at Exeter
Science Park.
Over the last decade, Exeter has outperformed
most locations across the UK for job creation
and it features in the top 2% for employment
growth with the greatest improvement in the
UK Competitiveness Index versus all other
UK locations.
With significant planned economic and retail
developments, and increased availability of
employment land, the Exeter economy is in a strong
market position to grow further.
Exeter Business Innovation Centre, a base for over
50 firms in the city, is host to some of the most
upwardly mobile small firms in the country and
taps into assistance from the University of Exeter
and others in the region through the Setsquared
initiative, which works like a club for companies to
share information.
“Demand for new build offices in Exeter took
a very positive upswing in 2016, and demand
for existing office space is strong, with the sub
5,000 sq ft market trading well. Supply was hit
by a lack of new development and good demand
for the existing stock on market in 2016, but the
situation will improve in 2017 with the speculative
construction at SkyPark. The supply of office space
in the city is decreasing with landmark buildings
like The Senate now fully let, and older stock
such as Balliol House also fully occupied. A new
high of £18.50 psf has been set, capital values are
increasing due to construction cost inflation with
£250 psf now the minimum to buy new build, and
sub 10,000 sq ft buildings will attract higher prices
due to economies of scale.”
Alder King 2017 Market Monitor: South West of
England and South Wales Property Review
SOUTH WEST FOCUS
Exeter is one of the largest
employment hubs in the region,
and its economy is forecast
to outpace the South West
regional average with projected
economic growth at 2.2% p.a.
between 2017 and 2021
13
WHY INVEST IN A PROPERTY BOND? WHY INVEST IN THE BURRINGTON COMMERCIAL PROPERTY BOND?
The Burrington Bond is a
well-managed income stream,
and a compelling alternative to
volatile equity markets
The Burrington Bond is
underpinned by security over
property assets, normally only
accessible to institutions
Property is a very popular investment class for
private individuals, and many people invest directly
into their own personal portfolios via buy-to-
let residential properties and small commercial
buildings. Recent tax changes have made this
proposition less interesting, and as a result, there
is an emergence of property bonds for investors
to enjoy property investment returns without the
personal hassle.
Property bonds are interesting as:
• Bonds let you invest in proven property
developers, leveraging their skills and
experience
• Bonds offer you built-in security so that even in
the worst-case scenario, your initial investment
is as safe as it can possibly be
• There’s a fixed net annual income normally well
above current savings rates
• Capital is returned to you at a predetermined
time
• No more hassle of tenants, lettings agents to
pay, landlord regulations to upkeep, insurance
premiums, repairs, voids, refits, stamp duty,
legal fees, deposits, tenant reference checks or
landlord tax hikes
The Burrington Estates Directors have an
established track record of successful investments,
having introduced lenders and investors to property
opportunities and managed those assets through
to successful exits. As each transaction historically
involves complex information, legal documentation
and due diligence on a deal-by-deal basis usually
against a very tight time frame, it has been difficult
to offer these investment opportunities to a larger
number of clients as few have the appetite for
this degree of complexity with such tight timings.
The Directors propose to address this with the
Burrington Bond by making such investment
opportunities available to a much wider number of
potential investors in a clear and simple vehicle.
This investment has been created by the
experienced Burrington Estates management
team to harness our extensive property
investment expertise, and to generate solid
investor returns by taking advantage of our
de-risked tenanted portfolio.
The Burrington Bond will be attractive to investors
with a desire for safe income with security over
property assets. A compelling alternative to volatile
equity markets, it will provide a well-managed
income stream for investors with capital returned at
the end of the term.
The Directors believe that in a market with low
interest rates for deposits and some volatility in
equity markets, the Burrington Bond represents
an opportunity to invest in a bond underpinned
by security over property assets, which would
normally only be accessible to institutional funds,
banks and Ultra High Net Worth individuals with
contacts in the property sector.
The portfolio of 5 commercial assets described
herein can deliver income of 8% gross per annum
to be paid to Investors six monthly in arrears with
good levels of income cover to interest payable.
The asset base of Burrington Estates will comprise
loans made to Burrington Group companies across
these 5 high quality, landmark projects. The loans
made by Burrington Estates (Commercial) Limited
will be secured by legal charges over the relevant
property assets.
15
WHY INVEST IN THE BURRINGTON COMMERCIAL PROPERTY BOND?
The Burrington Bond is a
clear and simple vehicle that
exploits an existing gap in the
UK property market
All investors will also enjoy the additional benefits
below:
• Free advice consultation with Burrington
Estates Directors on the investors’ personal
property portfolios
• Access to the pool of Burrington Estates
hand-picked specialist consultants at
discounted rates
• Regular invites to property related events
• Connection with the wider Burrington Estates
community
We are making these opportunities available
to High Net Worth Investors and Sophisticated
Investors in smaller tranches, with a minimum
investment of £25,000 and the opportunity to take
further tranches of £5,000. (The maximum amount
of Burrington Bonds that any one investor may
apply for is £1.5 million if the investment is made
through or by a SIPP or a SSAS. There is no limit
for any other investor, other than the aggregate
maximum subscription of £10 million.)
The Bond Offer document containing full
details relating to the Burrington Bond is
available on request.
17
BOND PORTFOLIO ASSETS
DEAN CLARKE HOUSE, EXETER
Located in Exeter’s elegant Georgian quarter,
Dean Clarke House is just a short stroll from the
bustling city centre and Exeter’s grand Cathedral.
This Grade II listed building was originally built in
1742 as one of England’s first general hospitals, but
following its renovation is now comprised of 23
luxurious apartments in the city’s premier concierge
residence, as well as 9 premium offices, a business
lounge and meeting facilities. Southernhay Studios
sits adjacent, recently restored into stunning
contemporary offices, now on a long-term lease to
a fast-growing marketing agency.
Facilities at Dean Clarke House include:
• 9 premium offices (2,600 sq ft) plus adjacent
Southernhay Gardens office (3,400 sq ft)
• Business club lounge and formal meeting room
• Integrated Wi-Fi, telephony and security
systems
• Long leaseholds on 22 luxury apartments, and
direct ownership of 1 apartment
19
BOND PORTFOLIO ASSETS
THE SHIP, PLYMOUTH
Designed by visionary and acclaimed architect Sir
Nicholas Grimshaw (of the Eden Project biomes and
Waterloo International Station), this iconic building
is one of the region’s most impressive sights. Built
in 1993 on a 12-acre site, it was home to The Daily
Mail Group and its subsidiary local media entities.
Recognition from the British Construction Industry,
the Royal Fine Art Commission Building of the Year
and the Structural Steel Design contests in 1993,
and the RIBA prize in 1994, all reflect the quality of
the design and build of this fine structure.
After remaining empty for 2 years and facing the
threat of demolition, Burrington Estates secured
the building’s future in July 2015. With a track
record of sympathetic development of historic sites
in the region, this entrepreneurial team acquired the
iconic property, renamed it the ‘Spirit of Enterprise’
and launched its mission to bring this historic
property back to life. A £4 million refurbishment
has recently been completed, bringing all
equipment up to the latest specifications.
Facilities at The Ship include:
• More than 52,000 sq ft of commercial space
featuring the flagship new Adrenalin Urban
Activity Park
• More than 62,000 sq ft of office space featuring
anchor tenant Sitel UK Ltd. (Each office
floor plate is approximately 18,000 sq ft and
demises of 1,000 sq ft to 50,000 sq ft can be
considered)
• High specification at all levels including
individually controlled heating/air conditioning,
cat 6 cabling, integrated Wi-Fi, telephony and
security systems
• Panoramic boardroom with 180 degree city
views
• Set in 12 acres of parkland
• Dedicated on-site parking for 450 cars
21
BOND PORTFOLIO ASSETS
OCEAN CRESCENT, PLYMOUTH
Occupying a prominent position in the heart of
Plymouth city centre, Ocean Crescent is a landmark
building that has recently undergone a £1 million
upgrade creating one of the city’s hottest new
lifestyle destinations. Alongside 122 apartments, the
ground floor benefits from a Thrive Business Hub
comprised of flexible offices, work and meeting
space for entrepreneurs and growing businesses.
Ocean Crescent also includes 29 luxury one
bedroom apartments that have been retained, all
of which are rented on assured short hold
tenancies. The rental market in Plymouth remains
strong and the apartments are expected to
experience minimal voids.
Thrive Hubs was developed to give entrepreneurs
and businesses inspiring work spaces.
Headquartered at Ocean Crescent, we provide
a network of beautifully appointed co-working
spaces including offices, hot desks, meeting
and event space. Thrive offers a collaborative
ecosystem for entrepreneurs and young businesses
to thrive in with access to technology, funding and
support services.
Facilities at Ocean Crescent and at Thrive Hubs
include:
• Long leaseholds on 93 units plus 29 residential
units let on AST, and 15 car parking spaces
• Residential units are high specification studio,
one bed, two bed and penthouse duplex
apartments featuring energy efficient gas
boilers, under floor heating, fully fitted kitchens
and contemporary interiors
• 8,000 sq ft of commercial space comprised of
15 offices
• Meeting rooms and flexible event space
• Integrated Wi-Fi, telephony and security
systems
23
BOND PORTFOLIO ASSETS
EUROTECH HOUSE, PLYMOUTH
Eurotech House in Plymouth provides first class
office/commercial and retail accommodation to
rent, as well as indoor storage facilities. Flexible
terms and low cost rental scheme options are
designed to target small and growing businesses.
Facilities at Eurotech House include:
• 34 units providing a mix of office and
commercial/retail space totaling 24,000 sq ft
(NIA)
• An additional 10,000 sq ft of internal and
external storage facilities
• 24/7 access to external storage containers with
24/7 CCTV monitoring
BURRINGTON BUSINESS PARK, PLYMOUTH
Burrington Business Park is a well-located
multi-functional business park offering large
warehousing, light industrial and flexible office
space just minutes from the A38 Expressway.
With more than 100,000 sq ft, Burrington
Business Park provides the ultimate in flexible,
managed workspace.
Following the transformation of the 7-acre former
Hovis depot on Burrington Way, Burrington
Business Park sits amid attractive landscaped
grounds offering ample dedicated parking,
logistics and storage units, some with purpose-built
dock levellers for easy unloading. The building
benefits from insulated cladding and an energy-
saving roof which incorporates 60% more light,
and reduced lighting costs contributing to a more
sustainable business park and 2020 reduced
carbon footprint target.
Facilities at Burrington Business Park include:
• 15 commercial units (warehouse and
distribution space) with 6 additional new build
opportunities totalling more than 110,000 sq ft
• Flexible office space from 2-30 people over 2
floors, including 10 offices (10,000 sq ft) and
6,000 sq ft of additional first floor space
• Energy efficient features including insulated
cladding and an energy-saving roof
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THRIVE HUBS
We believe that running a business should be
exciting and invigorating. That’s why we created
Thrive Hubs, to give entrepreneurs and businesses
the support they need to take their business to
new heights. A place where collaboration and
networking are inevitable instead of an effort.
THRIVE TECH
Technology and business have always been closely
intertwined. Working in partnership with firms like
Virgin, Google, Microsoft and EE to help give IT and
technology solutions that are flexible and can scale
with your business.
THRIVE CAPITAL
Get access to a team of experienced investors and
fundraisers. With decades of experience working
at all levels of investment, from small start-ups to
larger businesses looking to take things up a notch,
Thrive Capital can offer advice and support to help
you secure the funding you need.
THRIVE TALENT
Business is about people. People buy your products
and services, and you need people with you to
build a growing and successful company. We use
our extensive expertise and far-reaching network to
help you find the individuals who will propel your
business forward.
Examples of successful,
new, self-generated business
concepts trading profitably
HUBS
SELF-CREATED CONCEPTS
THRIVE
INSPIRING WORKSPACES. INNOVATIVE SERVICES. CONNECTED COMMUNITY.
Thrive is much more than inspiring workspaces, we provide a collaborative ecosystem for
entrepreneurs and young businesses to thrive in.
ADRENALIN
AT THE SHIP
Adrenalin Urban Activity Parks have been designed
to provide a safe and fun environment to enjoy
high adrenaline activities including interconnected
trampolines, tumble tracks, professional
trampolines and ninja challenge courses, as well
as party rooms and a café. The park is also fitted
with a state-of-the-art sound and lighting system
creating a fun, adrenaline filled environment.
27
OUR MANAGEMENT TEAM
ROB MUNRO
MANAGING DIRECTOR
Rob has more than 20 years of experience in the
telecommunications industry, working as Managing
Director for 10 years at Telequip, followed by 6
years as Chief Operating Officer at Arrow Business
Communications. Rob joined Burrington Estates
in February 2016 heading the Commercial Division
with a focus on ensuring profitability across a broad
portfolio of commercial developments.
Rob brings with him a wealth of valuable skills
including financing, people management and
business strategy.
NICK MARSHAM
FINANCE AND FUNDING SPECIALIST
Nick qualified as a Chartered Accountant whilst
working within the corporate services team for a
large accountancy practice in East Anglia. He spent
four years working in the corporate finance team,
advising on corporate transactions and funding
before becoming finance director for a money
lending business specialising in asset and property
finance. Prior to joining Burrington Estates, Nick
was a partner in an accountancy practice and was
heavily involved in the formation, funding and
structuring of the Burrington Estates group of
companies. Nick relocated from East Anglia to join
the Burrington Estates team in late 2015.
MARK EDWORTHY
FOUNDER
Mark has been involved with property development,
construction and financing for more than 20 years.
Following an investment management career at
Merrill Lynch, he joined a small specialist funding
business as Managing Director, driving strong,
profitable growth. Now heading up the team at
Burrington Estates with a growing portfolio of
premium property developments, Mark delivers
a winning combination of excellent frontline
development-to-completion experience and deep
financing expertise.
PAUL SCANTERBURY
FOUNDER
A property development Director with an extensive
background in planning and construction, Paul
has more than 25 years’ experience and has
spearheaded more than one hundred successful
projects across the commercial and residential
property sectors. Paul’s far-reaching network of
cross-sector contacts, coupled with his astute
commercial awareness of a project’s potential in
its earliest stages, have led to his undertaking of
major building projects across the UK and Europe,
including the South of France and the Czech
Republic.
The Directors of Burrington Estates are a team
of very experienced property development
professionals who adopt a clear and strategic
approach to property investment and asset
management. The team has a proven track record
both individually and as a new collective over the
last five years.
Our strength lies in our:
• Being bold but well-researched, spotting value
where others have not
• In-depth local knowledge and deep
relationships with local authorities and
introducers
• Speed of execution across all aspects of the
project lifecycle; we believe that, “Time is the
enemy of investment returns.”
• Hiring of an in-house team of professionals,
and creating a “can do, will do” entrepreneurial
culture which is stimulating and enjoyable to
work in
• Establishing relationships with the best of the
best specialist consultants, and motivating
them to perform for us versus other clients
• Utilising both our profound property experience
and inherent, in-depth financing knowledge
29
KEY PARTNERS
PRYDIS www.prydis.com
Prydis provide Legal and
Wealth Management advice
EXPEDITE www.expediteps.com
Expedite provide Architectural, Quantity Surveying
and Project Management Services
THRIVE HUBSwww.thrive-hubs.com
Thrive is a valued tenant which provides an
ecosystem in which growing companies can thrive
from inspirational working spaces and access to
community services
LAMBERT SMITH HAMPTON www.lsh.co.uk
Lambeth Smith Hamilton provide Valuation Services
for our banks and investors
TLT LLP www.tltsolicitors.com
TLT LLP provide Property and Construction
legal advice
ADRENALIN
www.adrenalin-leisure.co.uk
Adrenalin is a valued tenant which specialises in large
Urban Activity Parks incorporating trampolining
facilities, ninja warrior courses and bouldering walls
URBN CONSTRUCTION www.urbnconstruction.uk
URBN is a Trusted Commercial Fit Out contractor
which has completed many of our projects
HUBS
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