Investment firm completes industrial park venture exit

An investment firm has exited a £2.4 million industrial hub agreement.

Develop North has completed a funding deal on a North Yorkshire scheme.

The company had provided development finance for the seven-unit Whitley Court venture at Leeming Bar Business Park, near Northallerton.

However, the firm has exited the agreement after developer Grown From A Seed Developments secured a commercial mortgage refinance deal.

The transaction marks Newcastle-based Develop North’s 28th exit.

Brendan O’Grady, fund manager at Develop North’s investment adviser Tier One Capital, said: “Whitley Court demonstrates the role specialist development finance can play in unlocking commercial projects that might otherwise struggle to progress through conventional funding routes.

“Develop North provided the capital required to bring the scheme forward and, now that construction has been completed, the developer has successfully refinanced onto a long-term commercial mortgage facility.”

Kate Grint, director at Grown From A Seed Developments, added: “Whitley Court was designed to provide the type of modern, sustainable industrial space that businesses increasingly expect.

“The support from Develop North enabled us to bring the scheme forward efficiently and reach a point where we could transition onto a long-term commercial mortgage facility.”

The land and development refinance package was completed with legal advice from law firm Ward Hadaway, led by associate solicitor Sam Watts.

Sam added: “It is really important to us to assist our clients in exploring viable diversification routes that have commercial benefits but also provide facilities and opportunities for local communities.”

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