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© John Kees, Shepherd Construction
© John Kees, Shepherd Construction
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whole year. The residential element of the mixed-use scheme plummeted
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in value and the developer, Modus, went into administration when Anglo Irish Bank withdrew funding. Main contractor Shepherd Construction had been on site for
17 months and was about a quarter of the way through the proj- ect when it ground completely to a halt. “It was one of the worst days of our careers when we had to
lock the gates and tell everybody to go home,” Shepherd Construction’s east division managing director Colin Sargeant tells Civic & Public Building Projects.
akefield’s £180 million Trinity Walk shopping centre is a project that nearly didn’t happen. Back in 2009, the economic climate threw the job into limbo for a
Nevertheless, the job was kick-started by a consortium made
up of London-based Sovereign Land, AREA Property Partners and Shepherd’s development division (which took a minority development interest in the scheme), and it represented a major regeneration for the West Yorkshire city. “We put together a rescue package that included securing
one of the most significant development finance loans during that period – an £82 million package from Lloyds Bank Corporate Markets – together with smaller but important loans from Wakefield City Council, who were very instrumen- tal in oiling the wheels to make things happen, and Yorkshire Forward,” says Sargeant. The complex funding structure called for more than a dozen legal agreements to be completed, including Departmental
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