Huge job-creating scheme receives fresh financial backing

A major redevelopment scheme at New Stanton Park in Derbyshire has received fresh financial backing.

Verdant Regeneration, which recently secured planning permission to create a new business park on the 200-acre site near Ilkeston, has now received a bespoke loan from OakNorth bank to support the project.

The scheme will involve the transformation of the former Stanton Ironworks and bring forward 2.6m sq ft of new warehouse and industrial space, including a single building of around 1m sq ft.

The development is expected to create up to 4,000 jobs.

David Grier of Verdant Regeneration, said: “Having acquired the site in 2020, we have worked hard across the team to quickly bring forward an outline planning application on what is one of the largest regeneration projects within the region.

“New Stanton Park offers an excellent strategic location, blending an active rail connection with strong private and public transport connectivity, plentiful labour and a large and significant power supply. When combined, we are confident this will result in a highly successful development with the next chapter set to positively transform and improve the area, bringing forward large-scale job creation in the process.

“This was our first time working with OakNorth Bank and we found their approach transparent throughout. Dale and the team knew the region’s industrial property market very well, meaning they were willing and able to go the extra mile to support us.”

Dale Cowdell, associate director of Debt Finance at OakNorth Bank, added: “With this scheme set to create up to 4,000 jobs, we’re delighted to be supporting such a positive project for the region.

“We’ve seen local demand for large logistical and industrial space increase significantly in the last 24 months, heightening the need for greater access to high-quality industrial and commercial buildings across the Midlands.

“Verdant Regeneration has been hugely proactive in its approach since purchasing the site, with the scheme’s recent successful planning application providing a major step forward for the project. We’re excited to be working with the team and look forward to supporting them on future schemes going forward.”