By August, developers expect to have completed the Monks Way Retail Park on Wawne Road in the Kingswood area of Hull backed by a £1.5m commercial loan.
Commercial property experts Priority Space approached specialist lender Together, to buy the land and build the shops with floor space ranging from 470 to 2,880 sq ft.
Monks Way Retail Park is part of a wider £2.5m development designed to create jobs and help businesses grow.
Barry Dillon, regional development director for Yorkshire at Together, said: “Once completed in the next few months, this will be a really impressive scheme. We have worked closely with Priority Space and other partners involved in this project to provide the fast and flexible finance package they needed to turn this area into a vibrant regional commercial and residential hub.”
Together, which is based in south Manchester and provides commercial and development finance, provided a short-term loan, secured against land to the west of Wawne Road. Hull City Council had already granted planning permission for ten retail units on the land.
The mixed-use retail development is part of a partnership between the council and property consortium KSHP – made up of housing developers Keepmoat, Strata Homes and Persona – part of Home Group – as well as Priority Space.
Once complete, the development will include a One Stop convenience store, a veterinary practice, pharmacy, bakery and takeaways, plus a family restaurant. The scheme will also see an extension at nearby Broadacre Primary School, two new public parks and a new nursery.
Adam Richardson, director at Priority Space, said: “Working with Together enabled us to get this speculative retail scheme off the ground. The Together Group understood our aims and objectives and saw the potential of the site which many other funders had overlooked.
“We’re now just a couple of months away from practically completing the scheme with seven out of the ten retail units under offer and in solicitors’ hands. Without the Together Group we would never be in this position.”