Refinancing deal marks the next step in development of top business park

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THE developer behind the Smithy Wood Business Park in Sheffield has completed a substantial refinancing deal which will lead to the creation of new facilities at the 50-acre site.

The refinance and development funding package with Handelsbanken will enable Smithy Wood Business Park Developments to provide an injection of capital to fund the construction of a new parcel distribution centre for DPD (UK).

The plans mark a significant step in the development of the site, which has been created by a joint venture between St Pauls Developments and the Duke of Norfolk.

Current occupiers include Samuel Grant, Kier, Konica-Minolta and Arthrex.

Paul Griffiths, the corporate manager at Handelsbanken in Sheffield, said: “We are delighted to have been able to help Smithy Wood Business Parks with this development.

“They are a long-established business with a strong management team and have a clear strategy for the future development of the site.

“We focus on long-term relationships with quality customers and our team here in Sheffield is committed to supporting businesses and individuals in the local area.”

Irwin Mitchell advised Handelsbanken on the banking, property and construction aspects of the facility.

Martyn Holland, the consultant in Irwin Mitchell’s specialist real estate team in Sheffield who advised on the refinancing, said: “While many businesses continue to face difficult times, this deal is a strong indication of how banks remain keen to support organisations with huge potential for expansion and growth.

“This deal is great news for Smithy Wood Business Park’s future, but also a major positive for Sheffield, which once again highlights its reputation as an excellent location for major businesses.”

Jeremy Robinson, of Fowler Sandford Chartered Surveyor, who represented Smithy Wood LLP, said: “Smithy Wood Business Park has continued to grow through these difficult times.”