OakNorth Bank has provided a £25.4 mln (€30 mln) loan to a subsidiary of Scarborough Group International (SGI) to support the development of a new 133,118 sq ft (12,360 m2) office building at Thorpe Park on the outskirts of Leeds.
Thorpe Park Leeds is a well-established business location with more than 800,000 sq. ft of office space already built. The destination is currently under phase two development to deliver an additional 1.3 million sq ft of mixed-use accommodation including 300 new homes, and a 113-acre public park.
Kevin McCabe, chairman of Scarborough Group International, commented: ‘Securing this funding from OakNorth Bank marks a significant step forward in the delivery of major new HQ premises at Thorpe Park Leeds, for which we already have a pre-let agreement. It is evidence that Leeds remains a prime city in which to invest in real estate and reinforces the strength of the Northern Powerhouse for national businesses. The team at OakNorth Bank fully support our business proposition and we look forward to developing the partnership.’
James Espley, director of debt finance at OakNorth Bank, said: ‘Not only will this development play a major role in the long-term growth plans for the city of Leeds post-pandemic, but it’s also a great opportunity to back an incredibly successful and reputable property developer and evidence the strong support that OakNorth Bank has for the Yorkshire region across all sectors.’
