The European Regional Development Fund is providing almost half the money to transform a former Liverpool factory site into 40,000 sq ft of commercial space.
Manchester developer Capital and Centric is using the £1.4 grant toward the construction of offices and warehousing on a 3.5-acre brownfield site off Speke Boulevard. The cost of the speculative build – part of the district’s Estuary Commerce Park development – is reportedly around £3m.
Capital and Centric is buying the land from the Homes & Communities Agency as part of an ongoing commitment to develop the business park. The company is currently short-listing contractors and hopes to start ground work by December.
Its latest development, targeted at start-ups and expanding ventures, will include a new road access with the construction of offices and warehouses to be known as Hanger One and Two.
Tim Heatley is a Capital and Centric co-founder. “Signing this agreement is the last big bit of the jigsaw that we needed in order to get cracking with construction,” he explained. “Our innovative approach to funding, design and development means we can continue to develop speculatively, avoid having any bank debt and deliver great looking buildings.”
The two Hangar projects, which it’s hoped will provide workspace for at least 100 people, follows the completion of the developer’s 80,000 sq ft Estuary Banks scheme nearby. It received £2.54m in European assistance for that project, part of which was pre-let to the business centre operator Business First.
At the time Sir Howard Bernstein, deputy chairman of the North West European Regional Development Fund local management committee, said: “This deal is great news for this part of the Liverpool area and the wider local economy. The high quality facilities created through this project will continue to attract businesses, creating local jobs and opportunities for other local operators.”
Developed in partnership with Barnfield Construction, the five-acre site was also purchased from the Homes and Communities Agency with the £6.5m industrial, warehousing and commercial scheme completed in less than 18 months.
Commenting on the company’s newest project the Liverpool mayor, Joe Anderson, said: “I am delighted that developers continue to be active in this part of the city, delivering high quality schemes such as this.
“This development represents a significant investment in south Liverpool and will help further boost the reputation of Estuary Commerce Park as a great place to do business. I wish it every success for the future,” he added.
Capital & Centric is pressing ahead with a second nearby development adjacent to Goodlass Road. “The success we have enjoyed at Estuary Park means that we have the confidence to continue our portfolio in south Liverpool and will be launching the speculative 50,000 sq ft Speke Business Park before the year’s end,” explained Heatley.
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