Kevin McCabe's company borrows £2.7m to build Olympic Legacy Park stadium in Sheffield
Kevin McCabe’s Scarborough Group International has taken out a £2.7m loan to build a stadium on the Olympic Legacy Park in Sheffield.
The development – on the site of the former Don Valley Stadium – will have capacity for up to 3,900 spectators, a three-storey covered stand and 23,000 sq ft of business space. Builders are on site and due to complete in February next year. It will become a permanent home to Sheffield Eagles Rugby League Football Club.
SGI signed an agreement with Sheffield City Council in December 2020 to deliver a masterplan for the area. In addition to the stadium, a planning application for an Enterprise Centre to support fledgling businesses in the health, wellbeing, sport and activity sectors, is set to be submitted by the end of the year.
In total, the Park project will see the regeneration of approximately 200 acres in Attercliffe.
Kevin McCabe, chairman of SGI, said: “We’re proud to be contributing to the development of Sheffield Olympic Legacy Park. It is set to be one of the leading modern science parks in the UK, dedicated to organisations in the health, wellbeing, sport and activity sectors.
“This is the second significant facility we’ve completed with OakNorth Bank in 2021, having received £25.4m earlier this year to develop a major new office complex at Thorpe Park in Leeds.”
Greg Manson, of OakNorth Bank, added: “Given SGI’s vast experience and leading reputation in the real estate industry, we anticipate this development to be another major success for the business.”
Chris Noble MBE, Sheffield Eagles chairman, said: “A permanent home for the club is something we have long-required and desired and the Legacy Stadium will provide this, with wonderful facilities for our players, staff and spectators.”
The OLP is also set to include an arena, offices, a conference centre, hotel and a child health technology centre. Some £100m will be spent over the next two years on projects including a £20m diagnostic imagery research hub, to increase the speed and accuracy of diagnostics for the NHS. It will be based in a new £5m Park Community Arena which will have three basketball courts and become the new home of Sheffield Sharks basketball team.