In 2017 SPRUCE provided a c£1m senior debt facility to Clyde Gateway Developments Limited to fund the creation of a 27,000 sq ft manufacturing and engineering unit at the Clyde Gateway East industrial site in the east end of Glasgow.
THE BACKGROUND
The project has a strong alignment with SPRUCE’s strategic objectives and also Scottish Government regeneration policy. The project is strongly backed by Scottish Government and Scottish Enterprise through the provision of grant funding as part of the capital structure. The project is also supported by Glasgow City Council, one of the members of the borrower’s parent charity company Clyde Gateway Urban Regeneration Company (URC). At the time of funding the project there were no pre-lets in place.
Clyde Gateway URC is one of five Scottish URCs established by the Scottish Government to deliver physical, economic and social regeneration in their specific geographical areas. It has three members, being Glasgow City Council, South Lanarkshire Council, and Scottish Enterprise, and is backed by funding and direct support from the Scottish Government. The company has stated objectives of sustainable place transformation, increased economic activity, and development of community capacity.
Construction is now complete, with the units being marketed for tenants.
SDG supported
Facts
Manufacturing space
27,000sq ft
Senior debt facility
c.£1m