Construction is now underway at three development sites across the Liverpool City Region following an investment of £2.65m from the Liverpool City Region Combined Authority’s Light Industrial Fund.
Launched in March 2019, the Light Industrial Fund is supported by the Local Growth Fund and was created to support speculative light industrial development within the Liverpool City Region, to accommodate the needs of businesses that require modern commercial floorspace to expand and grow.
The Fund is designed both to retain ambitious indigenous SMEs, looking to expand, and to attract new inward investment opportunities into the region.
Following a rigorous due diligence process, funding of £2.65m was approved for three projects, all of which demonstrate high standards of environmental quality, through very good BREEAM ratings, and a commitment to deliver social value through measures such as supporting the local supply chain.
Steve Rotheram, Metro Mayor of the Liverpool City Region, said:
“We’ve invested £2.65m to develop these sites right across our city region to ensure that we’re able to offer outstanding facilities that will keep attracting new businesses and jobs to the area, which is really important given the impact of COVID. Taken together, these sites are expected to create more than three hundred local jobs.
“It’s fantastic to hear that some of the sites already have businesses signing up to take space – I’m sure it won’t be long before others follow!”
Minister for Regional Growth and Local Government, Luke Hall MP, said:
“It’s fantastic to see that our £2 million Local Growth Fund investment is supporting projects right across Liverpool City Region.
“These initiatives will help support the city’s thriving community of SMEs, creating over 300 high quality jobs and attracting further investment.
“We are levelling-up opportunities across the country by supporting local business to grow and prosper.”
The three projects are:
- Magazine Point, Bromborough – Developed by Redsun Developments, within the established industrial and commercial area of Bromborough, Wirral, this development of 55,000sqft is underway and due for completion early 2021. The site will deliver three units, one of which already has confirmed occupation.
- Image Park, Knowsley Industrial Estate – Within the successful Image Park development owned by Seybourne Estates, demolition work is now underway on the former Kodak premises to develop the next phase. The proposed redevelopment will provide 65,000 sqft on this well-established industrial estate within Knowsley.
- Gerard’s Park Phase II, St Helens – Well-established developer and owner, Northern Trust, having developed and fully let the adjacent Phase I park, have now started work to develop the second and adjacent phase extending to 35,600sqft, targeted at smaller business units. The completed units will be ready for occupation in Autumn 2021.
Nick Wightman, Director, Redsun Projects Ltd, said:
“The award of funding from the Combined Authority has been essential in kicking starting this development in the middle of a very uncertain time for the market. Construction has progressed really well and we look forward to welcoming occupiers to the completed units early next year.”
Peter Taylor, Seybourne Estates, said:
“We are very pleased to have the support of the Combined Authority for the next phase of our redevelopment of Image Business Park, the ex-Kodak site. Demolition of derelict buildings has now started for building work to commence in 2021. This is all part of Seybourne’s plan to build a total new build of 170,000sf over the next two years following the completion of a £7.5million state of the art new build 60,000sf factory for Contenur who are now carrying out their fit out prior to starting production in the New Year.”
Mike Grindrod, Director at Northern Trust commented:
“We are pleased to be working with the Liverpool City Region Combined Authority in bringing forward this strategic development. Given the current uncertainty in the economic climate, we feel it’s an important time for us to invest in creating flexible business space which will in turn generate job opportunities for the local economy.”
All three Light Industrial Fund projects are supported through Local Growth Funding, which is awarded to the Liverpool City Region Local Enterprise Partnership (LEP) and invested through the Liverpool City Region Combined Authority’s Strategic Investment Fund.