- Founded in 2015 and headquartered in Matlock, Derbyshire, Good REIT Ltd is a privately owned property developer and investor;
- The £4.1m loan from OakNorth will support the development of a new 139k sq. ft bus depot at the 85-acre Scarborough Business Park;
- Comprising of 80 parking bays, an ancillary workshop and large office space, the site has been pre-let to Go Ahead Group, a leading international public transport company;
- Home to numerous local, national and international businesses, Scarborough Business Park is in close proximity to several industrial hubs, including Scarborough town centre, York, Hull and Leeds.
Leeds, 22nd January, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £4.1m loan to property developer and investor, Good REIT Ltd.
The £4.1m loan will support the development of a new, purpose-built bus depot at Scarborough Business Park, the 85-acre strategically located employment site in North Yorkshire. Comprising of 80 bus parking bays and an ancillary office accommodation over two floors, the scheme will also include extensive landscaping and a large car park, including 12 EV charging spaces. The development will be delivered to a BREEAM Excellent standard and will be operated by, Go Ahead Group, a leading international public transport company.
The site is located at Taylor Way within Scarborough Business Park and benefits from direct access to the A64 and strong connectivity to Scarborough town centre, as well as the wider Yorkshire region including York, Hull and Leeds. The park is home to a diverse mix of local, national and international occupiers, making it a strategically important hub for logistics, manufacturing and transport-related uses.
Peter Walden, Director of Good REIT Ltd, commented on the transaction: “This financing from OakNorth enables us to deliver a highly sustainable, purpose-built transport facility that has been specifically designed to support the transition to electric bus fleets. The new depot at Scarborough
Business Park will provide critical operational infrastructure for a long-term occupier, while also aligning with the wider net zero ambitions of North Yorkshire through its BREEAM Excellent specification and future-ready design. Importantly, the scheme has been planned with flexibility in mind, allowing for the integration of further low-carbon technologies, including renewable energy generation, as part of the site’s next phase. We are delighted to be working with OakNorth on a development that supports both economic growth and the decarbonisation of essential transport infrastructure.”
James Espley, Senior Director of Property Finance at OakNorth, added: “This transaction is a strong example of the type of forward-looking infrastructure OakNorth is keen to support. The development will deliver a modern, highly sustainable transport facility, underpinned by a long-term lease to a high-quality operator and designed to meet the evolving requirements of electric bus fleets. Good REIT Ltd has demonstrated a clear understanding of both the operational needs of the occupier and the broader decarbonisation agenda, with a scheme that supports the transition to low-emission public transport while contributing to the long-term resilience of Scarborough Business Park. We are pleased to support a project that aligns commercial fundamentals with sustainability-led investment.”
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Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £5m-£100m in revenue), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $20bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 61,000 jobs, and over 38,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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