By John Baron
Funding to help kick start the Kirkstall Forge development has been agreed.
Hampshire Trust Bank (HTB) has completed a £25 million deal to help finance construction of the development, which has stalled in recent years.
The former industrial site is being developed by CEG and currently features a commercial and office block and a train station, with outline permission to build 1,385 homes.
Antonia Martin Wright, commercial development director at CEG, said: “Some £100million has been invested in Kirkstall Forge to date, the majority of which delivered remedial works, earth works, flood alleviation measures, river walls, roads, bridges, drainage, utilities and contributions to the rail halt.
“We have now agreed a funding facility with Hampshire Trust Bank towards further infrastructure delivery as the development progresses in the coming years.
“We have also shortlisted residential delivery partners and hope to have further news regarding the selected partner in the coming months.”
The community will include over 1,400 homes, offices, hospitality and leisure venues.
The funding will be used to refinance and restructure CEG’s secured debt facilities across the site.
Rob Syrett, head of origination of development finance at HTB, said: “The deal allowed HTB to once again demonstrate its commitment and ability to support groundbreaking schemes with complex structures to achieve a positive outcome for all parties.
“We strive to deliver a best in class service and are absolutely committed to supporting clients such as CEG with the development of landmark schemes across Britain and we look forward to continuing to work with them to deliver the project.”
As reported by WLD in April, CEG had a strong response to their appeal for a partner to deliver a high-quality housebuild to the east and west of the site and are aiming to announce the partner ‘in the coming months’.
Fresh detailed planning applications for housing are set to be submitted once the partner has been agreed.
WLD reported 12 months ago that CEG hope to have both new office and residential developments up and running ‘within a couple of years’ – and admitted that a combination of the Covid pandemic, the cost of living crisis and the war in Ukraine had all impacted progress on both commercial and residential elements of the 57-acre site.
Plans for a new public sculpture at the Kirkstall Forge site were approved by the council in February.