Warehouse development backed by OakNorth Bank

OakNorth Bank has provided a £1.52m loan to ASBT Warehousing which will be used to support the development of three new warehouses in NorwichASBT Warehousing, whose management team previously founded the local family-run businesses, Silk Route Spice Company and Charbrew, is developing the warehouses at Snetterton Business Park.The site, totalling more than 24,500 sq ft of storage space, will see The Silk Route Spice Company and Charbrew occupy two of the three newly built units for the next decade, as both companies continue to scale.Formerly known as Snetterton Market, Snetterton Business Park covers more than 60-acres of land within the Cambridge Norwich Tech Corridor.Adam Soliman, managing director of ASBT Warehousing Ltd, said: “We are excited to be bringing further warehouse space to one of the region’s most renowned business parks. Not only will the scheme provide much-needed storage facilities for products from our other business ventures – Silk Route Spice Company and Charbrew – but for all other local firms looking for high-quality warehouse space. “Martin Williams, director of debt finance at OakNorth Bank, added: “Given there is a significant undersupply of warehousing of all sizes across the UK and specifically in East Anglia, we’re delighted to be supporting Adam’s latest project of bringing new units to the region.”As the area’s reputation as one of the UK’s premier distribution locations continues to strengthen due to its close proximity to the port of Felixstowe, it’s no surprise that Snetterton Business Park is currently 100 per cent occupied, with a substantial waiting list.”