Bank of Scotland invests in Norfolk developer
Bank of Scotland Corporate has taken a 20% stake in Morston Assets, the Norfolk-based developer owned by Sir Tom Farmer and Tom Harrison.
The HBOS division has also agreed a £110m revolving facility for the development of existing assets and Morston’s eco projects.
Morston specialises in mixed use development throughout the UK. Assets under ownership include 250 acres of development land in Kings Lynn, the former Rollmakers foundry of 26 acres in Coatbridge, 250 acres at Manual Works in Linlithgow and 80 acres of former colliery which is part of the new Shawfair settlement in East Edinburgh.
Morston was established in 1995 by Sir Tom Farmer and Tom Harrison. It has been involved in major developments in retail and industrial estates.
Farmer said: ‘Morston, under chief executive Tom Harrison’s management, has built up a development pipeline of a potential £1bn.
‘The investment by HBOS provides the opportunity for the company to expand more quickly its development of low carbon, mixed use projects, such as the £350m Fourth Millennium Community project in Kings Lynn for 900 homes, shops, a new school and college and considerable employment space.’
Similar developments are planned in Coatbridge, Falkirk, Cannock, Wrexham and Newcastle under Lyme.