£3m loan to enable development of state-of-the-art medical centre
OakNorth has provided a £3m loan to Mayfair Group Investment, a Leeds-headquartered developer, investor, and manager of healthcare, commercial, and residential property.
The loan from the bank will be used to develop the group’s new three-storey, Harehills Medical Centre, located along Harehills Lane in Leeds.
The purpose-built medical centre will consist of a GP surgery, retail pharmacy and large 35-space car park, spread across a 15,000 sq ft site.
Rohin Dhand, founder and CEO of Mayfair Group Investment, said: “We believe property development is about understanding and appreciating how buildings work and fit within their communities and what their end users want.
“Since our launch over a decade ago, we’ve been passionate about developing high-quality medical centres that transform the lives of patients and help practices deliver exceptional services, with our latest project along Harehills Lane fully encompassing this approach.
“We found the process working with OakNorth to be straightforward and transparent, with Dale and his team investing significant time and effort to get to know our business, as well as our ambitions for this latest project.”
Dale Cowdell, director of debt finance at OakNorth, added: “With a wealth of knowledge working in the UK’s real estate and healthcare markets, Rohin and his team have extensive experience in delivering high-quality residential, commercial and medical sites across the full breadth of the country.
“With recent figures showing the scale at which the UK’s population is ageing, the need for more medical centres is becoming more critical as time goes on.
“As a result, this new site is set to be a vital part of the local community in Harehills and we’re happy to support Mayfair Group Investment with the project.”