- The project is being led by ASBT Warehousing Ltd, whose management team previously founded local family-run businesses, Silk Route Spice Company and Charbrew;
- The scheme will provide over 24.5K sq. ft. of storage space, with Silk Route Spice Company and Charbrew confirmed to let out two of the three newly built units;
- Formerly known as Snetterton Market, Snetterton Business Park covers over 60-acres of land within the Cambridge Norwich Tech Corridor;
- Norwich’s industrial market saw record take-up of warehouse space in 2020, driven by its growing reputation as one of the UK’s premier distribution locations[1].
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided a £1.52M business loan to ASBT Warehousing Ltd, whose management team previously founded the local family-run businesses, Silk Route Spice Company and Charbrew.
The capital from OakNorth Bank will be used to support the development of three new warehouses at Snetterton Business Park in Norwich. The site, totalling over 24.5K sq. ft. of storage space, will see The Silk Route Spice Company and Charbrew occupy two of the three newly built units for the next decade, as both companies continue to scale.
Formerly known as Snetterton Market, Snetterton Business Park covers over 60-acres of land within the Cambridge Norwich Tech Corridor, offering warehouses, office space and retail units to some of the area’s largest businesses. Located minutes away from the recently upgraded A11, and a short drive from Norwich city centre, the park’s facilities include on-site parking, a service station, and several food outlets.
Adam Soliman, Managing Director of ASBT Warehousing Ltd said: “We are excited to be bringing further warehouse space to one of the region’s most renowned business parks. Not only will the scheme provide much-needed storage facilities for products from our other business ventures – Silk Route Spice Company and Charbrew – but for all other local firms looking for high-quality warehouse space. This was our first time working with OakNorth Bank and we found their approach transparent and entrepreneurial throughout the entire lending process. Martin and the team knew the region’s industrial property market very well, and used this understanding to provide well-structured facilities both during the construction and occupation phases.”
Martin Williams, Director of Debt Finance at OakNorth Bank, added: “Given there is a significant undersupply of warehousing of all sizes across the UK and specifically in East Anglia, we’re delighted to be supporting Adam’s latest project of bringing new units to the region. As the area’s reputation as one of the UK’s premier distribution locations continues to strengthen due to its close proximity to the port of Felixstowe, it’s no surprise that Snetterton Business Park is currently 100% occupied, with a substantial waiting list. Ensuring that talented entrepreneurs, such as Adam, achieve their growth ambitions is exactly why OakNorth was founded, and we look forward to supporting him and similar entrepreneurial businesses on future projects across East Anglia going forward.”
ENDS
Notes to editors
[1] Bidwells Market Databoook: Spring 2021
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £8.4B, directly helping with the creation of 36,000 new jobs and 25,000 new homes across the UK.
- Raised deposits from c.160,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588