Industrial park near York expands with £1.95m in funding

Jo Morton

A team of Yorkshire-based property investors, trading as Ousegill Business Park Ltd, have refinanced two large, refurbished warehouses near York for £1.95m with funding from Cambridge & Counties Bank.

The team will use the finance to continue upgrading the new business park in Great Ouseburn, as well as convert an adjacent industrial building into residential assets.

Tom Main and Wayne Ashcroft were introduced to Cambridge & Counties Bank by John Hall at commercial finance brokerage Tudor Business Solutions, an approved intermediary for the bank.

Over the past 12 months, Main and Ashcroft redeveloped the dilapidated site into a modern warehousing facility catering for local businesses in the York region.

In addition, The Old Workhouse, an attractive industrial property, will undergo a complete transformation into four detached residential houses. The building sits at the top of the Great Ouseburn site and has its own access from the main road.

Cambridge & Counties Bank saw enhanced demand for its real estate product suite in 2021, which has continued in 2022.

To meet demand in Yorkshire, in April the bank expanded its presence in the region with the appointment of Simon Steer to the role of senior relationship manager in the Sheffield-based real estate finance team.

Ashcroft said: “Demand for premium warehousing and logistics assets in Yorkshire continues to grow and we are well placed to meet this with the further redevelopment of this park.

“The additional support from Cambridge & Counties Bank to refurbish the Old Workhouse adds further momentum and excitement to this major local project.”

Jo Morton, relationship manager at Cambridge & Counties Bank, said: “Supporting experienced investors such as Tom and Wayne is the core of our relationship-based business model.

“They have a great track record and we’re pleased to be working with them on the next phase of this project in Yorkshire, a market in which we are seeing strong activity and demand for our tailored real estate lending products.”