A business park is set for a major expansion after a property company secured a £2.1 million commercial loan from specialist finance group, Together.
Developers of the 18-acre industrial site at Malton Enterprise Park in North Yorkshire, have secured the funding to press ahead with plans for the next stage of the project, which will include high quality office and industrial accommodation.
The loan provided by Together will also kick-start future development on the much sought-after site, including creating “build to order” units for businesses and property investors.
Sean Harrison, manging director of developers the David Harrison Group, said: “We’ve already had a lot of enquiries because the market for this kind of commercial properties is buoyant in this area.
“Malton Enterprise Park has really good transport links to the A64 and is close to the A1, allowing good access to major towns and cities across the north, so we’re delighted that this funding will help us realise our plans.”
About a third of the park has been built after the planning authority, Ryedale District Council, granted permission in 2010. However, the next stage stalled after the developers ran into funding issues.
Now – thanks to the new funding from Together – the developers can continue planned building work, including more than 15,000 sq ft of offices, up to 120,000 sq ft of industrial space and 30,500 sq ft of “hybrid” units – incorporating office and industrial accommodation. Mr Harrison said the expansion would meet a “growing demand” for businesses such as technology companies.
Steve Luty, corporate relationship director at Together, said: “I could see the potential for the next stage of development as soon as I visited the enterprise park. There is already high-quality, occupied accommodation on site, with super-fast broadband and the infrastructure needed serve the new industrial, office and commercial units, as shown recently by ScrewFix taking up warehousing space.
“This expansion shows that, despite the uncertainties of Brexit, people are committing to business investment and these kind of build-to-order units are perfect to meet the demand.”
Together was referred to David Harrison Group by Leeds-based property consultant Russell Jowett, who has worked on various cases with the established specialist lender over the past three years.
He said: “After assessing the situation and speaking to Sean Harrison, I identified Together as the lender best-suited to meet his needs. Together carefully assessed what could and couldn’t be achieved and pulled out all the stops to make a quick decision on funding, allowing the developers to press ahead with the next stage of development.”
Together, which was established in 1974, has a current loan book of more than £2.37 billion and announced record monthly lending of £147.5 million in November 2017.