“Consolidating the titles was a real puzzle, but staying in close contact with the team at Halo Developments and the broker meant we could move through the complexities quickly”
– Nicoleta-Smaranda Iorgu – Pallas Capital
Pallas Capital has completed a £3,541,000 development finance facility to support Halo Developments in the restoration and conversion of The Corn Exchange in Ringwood, a building that has stood empty for over two decades.
The 18-month facility, structured at 70% LTV/GDV, funds the refinance of the historic site and enables construction to begin. The completed scheme will deliver 12 residential units alongside ground-floor and basement commercial space, revitalising a prominent address in Ringwood’s Market Place. Formerly home to the Regal Cinema and Route 42 nightclub, the building’s redevelopment forms part of broader local regeneration efforts, timed to coincide with Ringwood’s upcoming 800th market charter celebrations.
The transaction was managed by senior originator Mark Witherington and underwriter Nicoleta-Smaranda Iorgu at Pallas Capital, and introduced by Richard Norton at R&E Finance. The complexity of the site, vacant since 2002, required a tailored underwriting approach, particularly around the consolidation of multiple titles into a single entity.
To keep things moving, the Pallas team coordinated regular multi-party calls with Halo Developments and R&E Finance to align legal and technical workstreams, ultimately allowing works to commence with the support of the local community and the town mayor.
“The Corn Exchange is such an iconic piece of Ringwood’s history, so it was rewarding to help clear the technical hurdles to get the build started,” said Nicoleta-Smaranda Iorgu, underwriter at Pallas Capital.
“Consolidating the titles was a real puzzle, but staying in close contact with the team at Halo Developments and the broker meant we could move through the complexities quickly. We are proud to play a part in bringing a landmark like the old Regal Cinema back to life for the town.”
Eddie Hill, managing director at Halo Developments, welcomed the partnership. “It was great to find a funding partner as enthusiastic and responsive as the team at Pallas,” he said.
“Their process was efficient and transparent from the start, providing the kind of clarity you need when managing a sensitive restoration like The Corn Exchange. We are delighted to have them in our corner as we move forward with the build and bring this landmark back to life for the community.”
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