Friday, August 12, 2022

Redevelopment of major industrial estate in Derbyshire backed by bespoke loan

OakNorth Bank has completed a bespoke loan to support the acquisition and redevelopment of New Stanton Park in Derbyshire.

The project is being led by Verdant Regeneration, whose management team have successfully acquired and redeveloped industrial sites across the UK for over three decades, including the recent renovation of land adjacent to the New Stanton Park site.

Its past schemes include the regeneration of several brownfield sites and the conversion of industrial warehouses to commercial offices, both domestically and overseas.

Previously the Stanton Ironworks, New Stanton Park covers over 200-acres of land between the villages of Stanton-by-Dale and Ilkeston in Derbyshire. Centrally located and a short drive from the M1 motorway, the UK’s major industrial cities of Leicester, Sheffield, Birmingham, Leeds and Manchester are all within relatively short travel distances.

The site also has its own railway, directly linked to the Midland Mainline, that can be utilised by all occupants, with East Midlands Airport, the UK’s busiest freight airport, also located only 11 miles away.

David Grier of Verdant Regeneration said: “Having acquired the site in 2020, we have worked hard across the team to quickly bring forward an outline planning application on what is one of the largest regeneration projects within the region.

“New Stanton Park offers an excellent strategic location, blending an active rail connection with strong private and public transport connectivity, plentiful labour and a large and significant power supply.

“When combined, we are confident this will result in a highly successful development with the next chapter set to positively transform and improve the area, bringing forward large-scale job creation in the process.

“This was our first time working with OakNorth Bank and we found their approach transparent throughout. Dale and the team knew the region’s industrial property market very well, meaning they were willing and able to go the extra mile to support us.”

Dale Cowdell, associate director of debt finance at OakNorth Bank, added: “With this scheme set to create up to 4,000 jobs, we’re delighted to be supporting such a positive project for the region.

“We’ve seen local demand for large logistical and industrial space increase significantly in the last 24 months, heightening the need for greater access to high-quality industrial and commercial buildings across the Midlands.

“Verdant Regeneration has been hugely proactive in its approach since purchasing the site, with the scheme’s recent successful planning application providing a major step forward for the project. We’re excited to be working with the team and look forward to supporting them on future schemes going forward.”

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