Fund provides £12.5m for Oldham link road

The North West Evergreen Fund has provided a £12.5m loan to fund the development of a link road and other surrounding infrastructure in Oldham.

The road will provide access to a commercial site known as Broadway Green which has outline planning for more than 715,000 sq ft of strategic industrial space and 500 homes.

The borrower is a joint venture between Foxdenton LLP and Oldham Council.

Foxdenton LLP is a joint venture between Seddon and Grasscroft.

The North West Evergreen Fund is managed by CBRE’s investment advisory team, part of CBRE Capital Advisors.

The fund has been the catalyst for the delivery of more than £500m of employment infrastructure over the past five years, and is now in its third investment phase.

It is focused on opportunities which meet employment, regeneration, carbon-saving and floor space output targets.

The most recent loan has recycled capital repaid from the recent redemption of a loan facility funding the St John’s development in Manchester.

There remains capacity in the Fund for a number of further investments, and the fund managers encourage applications.

Eamonn Boylan, chief executive of Greater Manchester Combined Authority and director of the Evergreen Fund, said: “We are very pleased to be investing in site-specific infrastructure, crucial to the ongoing success of this strategically important development site.”

Will Church, senior director, investment advisory, CBRE, said: “Despite underlying concerns relating to the economy, we are seeing more applications to the Evergreen Fund than ever before with developers still showing appetite to invest into good schemes.

“We are delighted to be able to support projects such as this, which will ultimately create employment space so critical to the SME sector, the life blood of the UK economy.”