Member Article

£2.4 million invested in Knowsley warehouse facility

The Chrysalis Fund has invested £2.4 million in a new warehouse development on Knowsley Industrial Park.

Work will start this month on the £6m scheme to build 110,000 sq ft of new, speculative grade A warehouse space on land at Hornhouse Lane.

The £39 million Chrysalis Fund has committed the £2.4 million to developer Fintan Earley.

In addition, a £1 million European Regional Development Fund (ERDF) grant and a £1.5 million Growing Places Fund loan have also been approved to create a full financing package alongside sponsor equity.

The Chrysalis Fund was launched in March 2012 to support commercial regeneration activities in the Liverpool City Region. The fund focuses on schemes that demonstrate economic growth and job creation.

The initiative is backed by the European Investment Bank, the Homes and Communities Agency (HCA) and European Regional Development Fund under the JESSICA (Joint European Support for Sustainable Investment in City Areas) programme.

The fund is managed by the Igloo Consortium, which is made up of Igloo Regeneration Limited, GVA and RBC Capital Markets and operates in partnership with the Liverpool City Region LEP and the local authorities.

Chair of the Liverpool City Region combined authority Cllr Phil Davies said: “This latest announcement at Hornhouse Lane shows how well we work together to extend financing options for urban projects in the North West.

“Deals like this help to prolong the impacts of ERDF funding by investing in worthy projects which offer huge benefits to the Liverpool City Region to enhance economic growth and job creation through the delivery of new commercial floorspace.”

Chair of Liverpool City Region Local Enterprise Partnership (LEP), Robert Hough, said: “This announcement from the Chrysalis Fund is a welcome investment for the City Region.

“The continued development of strategic areas such as Knowsley Industrial Park are an important priority for the LEP, and as such, is an important element of our £232 million Growth Deal.”

This was posted in Bdaily's Members' News section by Sophia Taha .