Multi-million pound banking deal for Fox Valley scheme

THE developer behind the recently-launched Fox Valley site near Sheffield has secured a £23m loan to repay existing development facilities and provide working capital to support the regeneration scheme’s growth over the next few years.

Dransfield Properties has arranged the funding package from Lloyds Bank over a three-year term.

The commercial real estate team at Lloyds Bank has had a long association with the mixed-use scheme, stretching back to a £10m development loan which was provided to fund the project’s initial construction and an extension of this to £17.3m last October to deliver the second phase.

Fox Valley opened its doors to its first phase of stores in June at an official opening ceremony hosted by Absolutely Fabulous star Joanna Lumley.

The complex regeneration scheme – which has created 900 new jobs, includes 60,000 sq ft of office space, 144,000 sq ft of retail and leisure units and 118 new homes – is located on the site of a former steelworks.

Alongside a host of retailers, Fox Valley is also home to the region’s largest Aldi store after the German-owned retailer replaced Tesco as one of the scheme’s anchor tenants last year.

Phase two will see Next, M&Co and the independent boutique department store Sanderson’s added to the retail mix.

Mark Dransfield, managing director at Dransfield Properties, said: “Fox Valley is our largest development to date and we are delighted to have the on-going support of our long-term banking partners at Lloyds Bank who have been with us from the very start.

“After a hugely successful opening ceremony we are now focused on realising the scheme’s significant potential as a new retail destination and commercial heart in this part of north Sheffield, and looking forward to our second phase of openings in September.”

Tom Cross, relationship director at Lloyds Bank Commercial Real Estate, added: “Fox Valley has created a new community, transforming a previously disused industrial site and creating hundreds of new jobs. It is a great example of the kind of transformational development projects we like to back and I’m pleased that we’re now supporting the next chapter in its story.”