A NORTH Yorkshire business park is set for further expansion after its developers secured a £2.1 million cash injection.

Developers of the 18-acre industrial site at Malton Enterprise Park have secured the funding to press ahead with plans for the next stage of the project, including office and industrial accommodation.

The loan, provided by specialist finance group Together, will also kick-start future development on the site, including creating “build to order” units for investors.

Sean Harrison, managing director of developers the David Harrison Group, said: “We’ve already had a lot of enquiries because the market for this kind of commercial properties is buoyant in this area.

“Malton Enterprise Park has really good transport links so we’re delighted that this funding will help us realise our plans.”

About a third of the park has been built after Ryedale District Council, granted permission in 2010. However, the next stage stalled after the developers ran into funding issues.

Now, thanks to the new funding from Together, the developers can continue planned building work, including more than 15,000 sq ft of offices, up to 120,000 sq ft of industrial space and 30,500 sq ft of hybrid units – incorporating office and industrial accommodation.

Mr Harrison said the expansion would meet a “growing demand” for businesses such as technology companies.

Steve Luty, corporate relationship director at Together, said: “I could see the potential for the next stage of development as soon as I visited the enterprise park. There is already high-quality, occupied accommodation on site, with super-fast broadband and the infrastructure needed serve the new industrial, office and commercial units, as shown recently by ScrewFix taking up warehousing space.

“This expansion shows that, despite the uncertainties of Brexit, people are committing to business investment and these build-to-order units are perfect to meet the demand.”

Together was referred to David Harrison Group by Leeds-based property consultant Russell Jowett, who has worked on various cases with the established specialist lender over the past three years, and said: “Together pulled out all the stops to make a quick decision on funding, allowing the developers to press ahead with the next stage of development.”

Together, which was established in 1974, has a current loan book of more than £2.37 billion and announced record monthly lending of £147.5 million in November 2017.