Develop North PLC completes 28th successful exit with completion of Whitley Court development

Jun 22 2026

Develop North PLC (Develop North), the North East-based investment company listed on the main market of the London Stock Exchange, has completed a successful exit from its funding of the Whitley Court industrial development at Leeming Bar Business Park, North Yorkshire.

The exit follows the completion of the scheme, which comprises seven modern industrial and trade counter units adjacent to Junction 51 of the A1(M), and was achieved through the developer securing a commercial mortgage refinance facility.

Develop North originally provided £2.4 million of development finance to support the construction of the project, enabling Grown From A Seed Developments Ltd to deliver the scheme before transitioning to long-term commercial lending.

The transaction represents Develop North’s 28th successful exit since inception and highlights the role specialist development finance can play in supporting developers through the construction phase of projects before conventional funding becomes available.

Located on Leeming Bar Business Park near Northallerton, Whitley Court comprises seven high-quality warehouse and trade counter units, each featuring DDA-compliant facilities, kitchenettes, customer entrances, high-bay electric roller shutters, EV charging points and allocated parking.

The development also rainwater harvesting systems and the provision to install solar PV, reflecting growing demand for sustainable commercial space and helping to reduce operational costs for future occupiers.

Situated adjacent to the A1(M), the scheme offers excellent connectivity and has already attracted active interest from prospective occupiers seeking modern industrial accommodation in North Yorkshire.

Kate Grint, Director at Grown From A Seed Developments Ltd, said: “Whitley Court was designed to provide the type of modern, sustainable industrial space that businesses increasingly expect, and we are delighted to have successfully completed the development.

“The support from Develop North enabled us to bring the scheme forward efficiently and reach a point where we could transition onto a long-term commercial mortgage facility. We have already seen encouraging levels of interest in the units, with the first at heads of terms on a lease agreement, and look forward to welcoming occupiers in the near future.”

Brendan O’Grady, Fund Manager at Newcastle-based Tier One Capital, investment adviser to Develop North, said: “Whitley Court demonstrates the role specialist development finance can play in unlocking commercial projects that might otherwise struggle to progress through conventional funding routes.

“Develop North provided the capital required to bring the scheme forward and, now that construction has been completed, the developer has successfully refinanced onto a long-term commercial mortgage facility. It is exactly the type of lifecycle we look to support and one that delivers value for both developers and our shareholders.

“This transaction represents our 28th successful exit since inception and reflects the strength of our disciplined investment approach. By providing flexible finance solutions to experienced developers, we continue to support projects that create jobs, investment and economic growth across the North of England.”

The land and development refinance package was completed with legal advice provided to the borrower by national law firm Ward Hadaway and led by Sam Watts, Associate Solicitor in the firm’s landowners sector team.

Sam said: “Whitley Court was once bare land and it is really important to us to assist our clients, and in this case Grown From a Seed Developments Ltd, in exploring viable diversification routes that have both commercial benefits for the landowner but also provides facilities and opportunities for local communities that can only help the economy.”

Develop North recently entered its next phase of growth following shareholder approval for an expanded investment strategy, enabling the company to operate as a broader real estate investment platform investing across residential real estate, commercial real estate and real estate lending.

Since 2017, Develop North has deployed approximately £90 million across more than 43 projects with a gross development value exceeding £280 million and has helped support around 12,000 jobs.

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