Funding agreed for business park’s industrial units
Developer Network Space has secured £6.13m for the development of five industrial units at Ashroyd Business Park in Barnsley.
The loan will fund 109,000 sq ft of speculative development on Plots 4 and 5 at at the park adjacent to the Dearne Valley Parkway.
The five units will range from 10,900 to 52,500 sq ft and support a combination of logistics and industrial occupiers.
The funding is the largest the SCR Jessica Fund has made since it was established in 2013, and its first commitment to Network Space, a regional developer operating across the North of England.
Initially funded with European Regional Development Fund’s (ERDF) and Growing Places capital and then benefiting from significant capital investment by the Sheffield City Region Combined Authority, the fund aims to provide capital for projects at competitive commercial lending rates.
The fund is managed by CBRE Investment Advisory, part of CBRE Capital Advisors.
Joe Bahsoon, director, investment advisory, CBRE, said: “We are delighted to be supporting this highly regarded regional developer and supporting the continued economic growth in Barnsley. The Fund is vital for bringing strategic development projects such as these to the fore and for facilitating economically beneficial development that would otherwise struggle to achieve adequate funding.”
James Muir, chair of the Sheffield City Region Local Enterprise Partnership (LEP) Board, said: “We’re pleased to see this additional development taking place at a key location in the Dearne Valley Parkway.
“The LEP Board has already invested into this area with more than £22 million being invested near the M1 junction 36. We are directly supporting businesses in the region and helping to unlock new employment sites, better connect residents to those employment sites and increase the flow of people, businesses and ideas.”
Network Space development director, Simon Peters, added: “We are very excited to be delivering our latest South Yorkshire employment scheme. The funding from SCR’s Jessica Fund makes it possible for us to offer this high-quality space available to let and to deliver the development on a speculative basis. The units will be ready for occupation in March 2020.”
