New Sheffield Legacy Stadium project attracts £2.7m funding for development

A Yorkshire developer has announced that it has received £2.7m of funding to support the development of a new community stadium in Sheffield.

Scarborough Group International (SGI) has announced that it has received the £2.7m loan from OakNorth Bank, based in London.

The company will be using the funds towards the Legacy Stadium, a new community stadium at Sheffield Olympic Legacy Park.

The stadium will have capacity for up to 3,900 spectators, and will include a three-storey covered stand alongside 23,000 sq ft of flexible business space and facilities.

Kevin McCabe, chairman of SGI, commented: “We’re proud to be contributing to the development of Sheffield Olympic Legacy Park.

“It is set to be one of the leading modern science parks in the UK, dedicated to organisations in the health, wellbeing, sport and activity sectors.

“This is the second significant facility we’ve completed with OakNorth Bank in 2021, having received £25.4m earlier this year to develop a major new office complex at Thorpe Park in Leeds.

“We were once again impressed with the speed and transparency with which the team works, as well as their commercial and entrepreneurial approach.

“We look forward to further strengthening our relationship with OakNorth Bank, as we continue to complete our Northern Powerhouse projects.”

Greg Manson, associate director of debt finance at OakNorth Bank, said: “The Sheffield Olympic Legacy Park is in a great position to capitalise on the existing sports and health related institutions in the area, whilst also providing state-of-the-art working and social environments to help growing businesses in this field.

“Given SGI’s vast experience and leading reputation in the real estate industry, we anticipate this development to be another major success for the business.

“Working closely with Kevin and the wider SGI’s leadership team was a highly enjoyable experience and we look forward to watching the project take shape throughout this year.

“I have no doubts that this will be the first of many successful projects in the wider regeneration and I congratulate SGI and the local Council on their accomplishments to date.”

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