- The borrower, Gatehouse Hub Ltd, is a subsidiary of Bedford Park Developments;
- Incorporated in 2006, Bedford Park Developments is an experienced developer having successfully delivered numerous residential and commercial schemes;
- The site, located on the outskirts of Burgess Hill, has direct links with the A273 dual carriageway link road and A23, providing swift access to Gatwick Airport;
- Half of the units have already been pre-sold or pre-let, with demand for industrial across the UK remaining resilient.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £6m loan to Gatehouse Hub Ltd to fund the development of 19 industrial logistics units spread over 43,487 sq.ft., and a wellness centre comprising of 6,458 sq.ft. on the outskirts of Burgess Hill in West Sussex.
The project is being led by Bedford Park Developments. Incorporated in 2006, Bedford Park Developments has experience in all aspects of planning, land promotion and development, including large residential land releases, bespoke residential schemes, commercial developments, affordable housing and community asset delivery, retail, retail parks, and leisure. Since 2018, the business has secured consent for and sold c.1,000 residential units over a variety of sites including undertaking a several developments- ranging from smaller schemes with up to 15 units, to larger ones with up to 300. As a Chartered Town Planner (MRTPI) with a BSc Hons in Town Planning and over 27 years’ experience in real estate, Ben Ellis has in-depth market knowledge and a proven track record in the industry. He was the founder and director of one of the most successful independent planning consultancies in the UK, Planning Potential, and was also the director of a major retail development company, Quora Developments, for five years.
The site – the Gatehouse, located at Gatehouse Lane, Goddards Green, Hassocks, BN6 9LE – is within the Northern Arc extension to Burgess Hill, which comprises of a range of new commercial, trade, research, and residential schemes. It has direct links to the A273 dual carriageway link road and A23, providing fast access to Gatwick Airport, Brighton, and the South Coast.
Ben Ellis, Director of Gatehouse Hub and Bedford Park Developments, commented on the transaction: “We’re excited to be bringing this development to the West Sussex region thanks to the funding and support of OakNorth. Marc and the team were highly communicative, proactive, and thorough, providing regular updates and constructive feedback. We enjoyed the experience of meeting Credit Committee and having the opportunity to discuss our project directly with the decision makers. This is not something we’ve ever experienced with other lenders, so was a truly unique and refreshing part of the funding journey.”
Marc Busbridge Simo, Associate Director of Debt Finance at OakNorth, continued: “ Delighted to be supporting Ben on this transaction in our first venture with them. Given their extensive experience in real estate spanning almost three decades, Ben has been able to maximise on the positive industry trends, successfully securing planning permission for a flexible, sustainable, and design-focused local business hub which will have a material beneficial impact to the local community/area, and address the significant demand supply imbalance facing local SMEs. It’s great to see that the team has already pre-sold or pre-let several units – a clear indication of the strong local market demand and design-led product that Ben and the team will be delivering. We’re delighted to be supporting Ben with the funding for this project and look forward to continuing to work with them in the future.”
OakNorth was introduced to the transaction by Martin Betts, Commercial Finance Specialist at Neon Finance.
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the neobank for entrepreneurs, by entrepreneurs, empowering scale-up businesses (£1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £10b to these businesses, directly helping with the creation of 40,000 new jobs and 29,000 new homes across the UK.
- Raised deposits from c.254,000 savers.
- Achieved performance metrics (ROE, ROA, cost-to-income ratio, etc.) that place it amongst the top 1% of commercial banks globally.
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.
Media contact
Valentina Kristensen, Corporate Affairs Director at OakNorth – [email protected] / [email protected] / 0757 234 9009