MORE than £11m will be pumped into the West Hallam Industrial Estate after businesses struck a deal securing the multi-million pound investment.
Nationwide Building Society’s Commercial team agreed the £11.19m deal with the site’s owners Delancey, last week.
Bryce Glover, Nationwide Commercial’s divisional director, said: “Given our long-standing relationship with Delancey, we’re pleased that we’ve been able to provide further funding that will assist with their future plans on the West Hallam Estate.
“Even though the market is experiencing challenging times, we have remained committed to supporting our customers with advice and, more importantly, funding. We continue to remain open to new opportunities, and this latest deal also shows that we will consider deals all around the UK.”
Distribution firm TDG currently rents space at the site on Cat and Fiddle Lane.
Paul Goswell at Delancey, said: “There is great potential in the West Hallam site, which this new funding and support from Nationwide will enable us to develop.”
A spokesman for the company added: “The new funding will allow Delancey to manage the estate and continue to develop the units in order to increase the amount of income generated from the site.
Delancey purchased the site earlier this year paying £18.65m to become the new owners.
They are now working with TDG, who have an eight year lease at the site, to attract new businesses to available space on the estate.
A spokesman for the firm added: “We are enthusiastic towards the potential of the site, and are currently looking at a number of options.
“However, we are unable to comment further at this stage.”