£2.7m loan agreed to help build stadium at Olympic Legacy Park

OakNorth Bank has provided a £2.7m loan to developer Scarborough Group International (SGI) to support the development of a new community stadium at Sheffield Olympic Legacy Park.

The Legacy Stadium, which will eventually have capacity for up to 3,900 spectators, will include a three-storey, covered stand alongside 23,000 sq ft of flexible business space and ancillary facilities.

When complete it will become a permanent home to Sheffield Eagles Rugby League Football Club.

The Park is a major economic development project that will see the regeneration of approximately 200 acres of the Lower Don Valley industrial area.

It is central to the wider Sheffield City Region ‘Global Innovation Corridor’, a 20-mile area running from Sheffield city centre to Doncaster Sheffield Airport.

SGI signed a development agreement with Sheffield City Council in December 2020 to deliver a masterplan for approximately 850,000 sq ft of commercial space at Sheffield Olympic Legacy Park.

In addition to the Community Stadium, which is due to complete in February 2022, the developer intends to submit a planning application for the first phase of the scheme, which will feature a 40,000 sq ft Enterprise Centre to support fledgling businesses in the health, wellbeing, sport and activity sectors, by the end of the year.

Kevin McCabe, chairman of SGI, said: “We’re proud to be contributing to the development of Sheffield Olympic Legacy Park.

“It is set to be one of the leading modern science parks in the UK, dedicated to organisations in the health, wellbeing, sport and activity sectors.

“This is the second significant facility we’ve completed with OakNorth Bank in 2021, having received £25.4m earlier this year to develop a major new office complex at Thorpe Park in Leeds.

“We were once again impressed with the speed and transparency with which the team works, as well as their commercial and entrepreneurial approach.

“We look forward to further strengthening our relationship with OakNorth Bank, as we continue to complete our Northern Powerhouse projects.”

Greg Manson, associate director of debt finance at OakNorth Bank, added: “The Sheffield Olympic Legacy Park is in a great position to capitalise on the existing sports and health related institutions in the area, whilst also providing state-of-the-art working and social environments to help growing businesses in this field.

“Given SGI’s vast experience and leading reputation in the real estate industry, we anticipate this development to be another major success for the business.

“I have no doubts this will be the first of many successful projects in the wider regeneration and I congratulate SGI and the local council on their accomplishments to date.”

Jamie Davidson, managing director of Conduit Finance, said: “Kevin McCabe’s ‘Keep Building’ mantra has served the company well during these unusual times.

“In OakNorth, we secured a bank that continued to lend and who appreciated the long-term positive impact of this building on both the business and local community.”

Chris Noble, Sheffield Eagles chairman, added: “We are delighted to be a major part of the new Legacy Stadium at the Sheffield Olympic Legacy Park.

“A permanent home for the club is something we have long-required and desired and the Legacy Stadium will provide this, with wonderful facilities for our players, staff and spectators.”