Member Article

Lloyds supports £50 million Sheffield development

Lloyds Bank has increased its funding for Dransfield Properties’ development of a new £50m complex of shops, restaurants, offices and homes in north Sheffield.

The Fox Valley scheme, which sits on the site of former steelworks, suffered a setback earlier in the year when Tesco pulled out after the struggling supermarket scaled back investment in new stores.

However, the developers wasted little time securing Aldi to build a 20,000 sq ft store, which will be the discounter’s largest in the region.

Lloyds is extending an existing £10m development facility to £17.3m to support the delivery of the second phase of the scheme, including the Aldi store.

“This latest commitment allows us to move ahead with the next phase of work this year and deliver the whole scheme in time for a spring 2016 opening,” said Mark Dransfield, managing director of Dransfield Properties. “The decision by Tesco earlier this year has enabled us to look at delivering a much more comprehensive and diverse town centre development at Fox Valley.”

The scheme will deliver about 50,000 sq ft of offices and 136,000 sq ft of retail and restaurant units.

Dransfield is also working with Stonebridge Homes to build 114 new homes.

“The rapid replacement of Tesco as an anchor retail tenant underlines its significant potential,” said Tom Cross, relationship director at Lloyds Bank Commercial Real Estate.

This was posted in Bdaily's Members' News section by Robert Beaumont .