An extra £30m is being made available to support property projects across Liverpool city region following an announcement by Metro Mayor Steve Rotheram. Tony McDonough reports
Developers in Liverpool city region are being given access to a £30m funding pot to support urban development property schemes.
Metro Mayor Steve Rotheram is offering the cash through two established funds – the Chrysalis Fund is a £35m fund and the LCR Urban Development Fund, a £25m revolving fund.
Since its launch in 2012, Chrysalis has supported more than £100m of property developments across the city region. These include the £25m Liverpool Life Sciences Accelerator, shipping giant ACL’s headquarters in Duke Street, built by Network Space, and the Watson Building in the city centre.
It will now continue to commit its funds into further projects until at least 2022. The LCR Urban Development Fundcan invest in projects that support research and innovation, enhancing SMEs’ growth and competitiveness.
The cash has been made available due to loans repaid by previous successful applicants to both the Chrysalis Fund and the LCR Urban Development Fund. Mr Rotheram said: “Coming out of the pandemic, our local economy still needs all the help and support it can get.
“Because of the wise investments we’ve made over the last few years, we now have an extra £30m of funding to help rebuild and recover. That’s on top of the £150m COVID Recovery Fund that I announced on day one after May’s election.
“I’m committed to making our region fairer, greener and stronger after the pandemic. By continuing to invest our money carefully, and in projects that help improve our region and create good jobs, we are able to create a virtuous circle that keeps generating more for us to invest.”
Both funds are now actively inviting developers and owner occupiers with new development projects that meet their investment criteria to come forward and apply for loans.
Jim Gill, chair of The Chrysalis Fund, added: “After what has been a particularly difficult 18 months, we’re now in a great position to be able to assist property developers and owner occupiers in getting eligible projects that have stalled due to lack of funding options off the ground.
“Since the Chrysalis Fund launched nine years ago, we have provided loans for some fantastic projects that have brought hundreds of jobs into the area and in turn, boosted the local economy.
The Chrysalis Fund is managed by igloo Investment Management with support from Avison Young. It is supported by the 2007-2013 European Regional Development Fund for the North West under the Joint European Support for Sustainable Investment in City Areas (JESSICA) programme. Click here for more information.
The LCR Urban Development Fund is backed by the 2014-2020 ERDF England Operational Programme and it is a new funding route to foster smart, sustainable and inclusive growth for the Liverpool city region.