Property investment fund Develop North has provided £2.4m backing for the building of seven new industrial units near Northallerton.
The project at Whitley Court, Leeming Bar, is being delivered by Grown From a Seed Developments Ltd and will bring forward industrial and trade counter space in the area. The speculative scheme is at Leeming Bar Business Park and will feature DDA-compliant facilities, customer entrances, high-bay electric roller shutters, electric vehicle charging points, kitchenettes and car parking.
Cladding is now under way on the steel frames at the site which will also offer a number of sustainability features including solar PV panels and rainwater capture recycling systems. Developers say the measures will lower operational costs for occupiers.
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Kate Grint, director at Grown From a Seed Developments Ltd, said: "Whitley Court has been designed to meet the needs of modern businesses looking for high-quality, sustainable space in a prime North Yorkshire location. Being adjacent to the A1(M) means tenants will benefit from superb transport links, while also becoming part of a thriving commercial community that continues to grow around Leeming Bar."
Brendan O’Grady, fund manager at Tier One Capital, added: "Develop North is committed to supporting projects that deliver real economic impact. From housing to commercial developments, our funding helps create employment, regenerate communities, and strengthen the regional economy.
"This development at Whitley Court is a great example of how targeted investment can unlock opportunities for local businesses and contribute to long-term growth in North Yorkshire."
Whitley Court is the latest development to be supported by Develop North, which is managed by Newcastle-based fund management specialists Tier One Capital and has invested £89m across 43 projects. This summer, the fund, which is listed on the London Stock Exchange, announced proposed changes to its investment policy in a bid to diversify its portfolio of investments, mainly focussed in the North East.
Shareholders will need to approve a multi-asset strategy covering three core areas of real estate lending, commercial real estate and residential real estate. Tier One is also exploring a potential fundraise via the issuance of new shares.