£3.9m deal to see car park turned into new industrial development
A commercial property investment from Frontier Development Capital’s FDC Debt Fund to Warmflame Developments is set to transform an unused carpark at the Moulton Park Industrial Estate, Northampton into a new high-spec industrial scheme.
The £3.9m debt funding supports Solihull-based Warmflame Developments, which acquired the 2.5 acre site on Deer Park Road last year. The site was originally used as a Nationwide Building Society office.
FDC’s investment enables Warmflame Developments to develop the second of its WD.BOXHUB schemes to provide two terraces of starter units and a single detached unit. The whole development comprises nearly 60,000 sq ft of industrial commercial space.
The units are scheduled to be available for occupiers by the end of November 2021.
Paul Hodge, managing director of Warmflame Developments, said: “This is Warmflame Developments third financing with FDC and we are very excited to get our second WD.BOXHUB scheme underway. Working alongside FDC has allowed us to develop the WD.BOXHUB product, designing high specification micro and small box units to meet the needs of SMEs seeking good quality accommodation. WD.BOXHUB moulton park, Northampton will meet the vision and aspirations of these SME occupiers, as we develop modern business units to help those firms maximise their potential”
Gerald Gannaway, FDC, investment director – property, said: “We’re delighted to announce this investment from the FDC Debt Fund. Warmflame Developments are an established property developer bringing sought-after schemes to regional business communities in the Midlands. There is no doubt that this will be yet another first-rate development meeting a crucial need amongst SMEs.
The deal encapsulates how the flexibility of FDC’s debt funding can benefit a wide array of sectors, including developers seeking property finance for commercial real estate projects.”
