The Chrysalis Fund has put £2.4 million into a new specialist warehouse development at Knowsley Industrial Park.
The £6 million scheme will be started later this month with work by developer Fintan Earley. This will involve the creation of speculative grade A warehouse space on Hornhouse Lane.
The Chrysalis Fund is backed by the European Union and is designed to kickstart Merseyside property developments with loan finance. Further development funding has been secured for the site, including a £1 million European Development Fund (ERDF) grant and a £1.5 million Growing Places Fund loan.
John Tatham, fund manager for the Chrysalis Fund, said:
“The fact that the development is speculative shows an increased confidence in the industrial sector and it is anticipated that the scheme will attract occupiers from the automotive, distribution or retail sectors.
“As Liverpool City Region gears up to be the freight and logistics hub for the North with the Liverpool2 project, Superport will also drive demand for warehouse and logistics space such as this. This investment illustrates our continued commitment and passion to deliver economic growth and job creation in the Merseyside area.”
Mr Earley said:
“There is a shortage of new warehouses in the Liverpool area. We would like to thank the European Regional Development Fund, the Chrysalis Fund and the Growing Places Fund for their financial support and Knowsley Council for their help throughout. Without it, this speculative development would not be possible.”
Words: Peter Cribley