Developer Network Space has secured more than £6m in funding from the SCR Jessica Fund to support a new industrial development in Barnsley.
The £6.13m investment represents the largest funding commitment the fund has made since its inception six years ago.
The loan will fund 109,000 sq ft of speculative development on Plots 4 and 5 at Ashroyd Business Park, adjacent to the Dearne Valley Parkway, located off Junction 36 of the M1. It is also the fund’s first commitment to Network Space.
The five units, ranging from 10,900 to 52,500 sq ft, will support a combination of logistics and industrial occupiers.
Simon Peters, Network Space development director, said: “We are very excited to be delivering our latest South Yorkshire employment scheme. The funding from SCR’s Jessica Fund makes it possible for us to offer this high-quality space available to let and to deliver the development on a speculative basis. The units will be ready for occupation in March 2020.”
Initially funded with European Regional Development Fund’s (ERDF) and Growing Places capital and then benefiting from significant capital investment by the Sheffield City Region Combined Authority, the SCR Jessica Fund aims to provide capital for projects at competitive commercial lending rates where ‘traditional’ funding sources are currently proving difficult. It is managed by CBRE Investment Advisory, part of CBRE Capital Advisors.
Joe Bahsoon, director, investment advisory at CBRE, added: “We are delighted to be supporting this highly regarded regional developer and supporting the continued economic growth in Barnsley. The Fund is vital for bringing strategic development projects such as these to the fore and for facilitating economically beneficial development that would otherwise struggle to achieve adequate funding.”