OakNorth completes £1.47m loan for development of a Starbucks drive-thru

By Bridging Loan Directory 7th November 2024

OakNorth the digital bank for entrepreneurs, by entrepreneurs, has provided a £1.47m loan to fund the purchase of a 1,500 sq. ft. site at Parsonage Way Retail Park in Leigh, Greater Manchester, and in its place, develop a Starbucks drive-thru and two EV charging points.

The project is being led by Dallas Rhodes, who has over 30 years experience in the property industry, across retail, office, and residential.

From 1984 to 1990, he worked as an agent gaining experience in the property management and investment sectors.

In April 1990, he established his first Asset Management Company providing a bespoke service managing the property interests of retained clients.

In addition, he now holds executive positions in a number of investment and development vehicles, specialising in projects across the commercial, leisure and residential sectors.

He has been involved in multi-million pound transactions both as principal and as agent for institutional clients, private property companies, and major retailers.

Dallas Rhodes, Director of Fairmilehead Ltd, commented on the transaction:

“I have had the pleasure of working with OakNorth on some of my previous projects, so knew they were the right banking partner for this.

The team know the market, are highly commercial in their approach, and have a genuine passion for supporting entrepreneurs like me.

This is a project I’m very excited about – the drive-thru market has seen significant growth in recent years, solidifying its position as a vital and thriving segment within the broader retail industry.

It will continue to draw in new entrants eager to expand their offerings, while also serving as a growth area for established businesses such as Starbucks which is already one of the most acquisitive brands in this space.”

Fraser McPhail, Director of Debt Finance at OakNorth, continued:

“Dallas Rhodes has strong relationships with drive-thru operators, having successfully completed similar developments for retailers such as Greggs and McDonalds in the past.

He has over three decades of experience in the property industry, so is a pro at identifying high-potential sites, and forging the strong relationships needed with retailers to make them a success.

There were over 100 new drive-thru openings across existing retail and shopping parks throughout the UK in 2023 – making this an exciting and attractive pocket for growth and funding within the broader retail industry.”