PMJ Capital has provided a £135m development loan to Up North Developments, to fund the build of a new speculative commercial development on brownfield land located on Linney Lane in Oldham.
The scheme comprises of four high end units totalling 15,250 sq ft. The funding package is a development loan over a 12-month term and will fully fund the build costs with a GDV of £2.6m.
This is the first development for Up North Developments, established by property experts Mike Procter and Henry Burbidge who will be working alongside North West based FC Developments as development partners.
Mike Procter commented: “This is a fantastic project for our first scheme as Up North Developments. These commercial units will provide high quality accommodation suiting a wide range of end users including retailers, gyms etc.
“We were introduced to PMJ by Sean Elliott at FC Developments. Working with Dave and the team has been incredibly quick and simple.”
PMJ managing director David Rainford added: “This is a fantastic scheme for PMJ to be involved in delivering much needed new commercial space in Oldham.
“It’s also great to see another PMJ client involved in the scheme, with FC Developments engaged as development partner and contractor on the scheme.”
Mike added: “The scheme will be ready for occupants by May next year, it is being marketed by Avison Young and has already received a great deal of interest.
The commercial scheme sits alongside a new housing development which will deliver 400 new homes for the area. The existing factory building is almost completely demolished and piling and groundworks have begun on site.