Boost for 100,000 sq ft Pendle industrial
A £6.2m cash injection from the Lancashire Urban Development Fund will support the construction of the final phase of Lomeshaye Industrial Estate in Nelson.
The industrial scheme will provide a 100,000 sq ft unit, which has been pre-let to Burnley-based Limitless Digital Group on a 15-year lease.
Pearl2, the joint venture between Barnfield Investment Properties and Pendle Borough Council is developing the project and Barnfield Construction is building in.
The unit is currently being marketed for sale by Christopher Dee with a guide price of £11m.
Alongside the £6.2m from the LUDF, which is managed by Igloo Investment Management, Pearl2 has also secured an additional £1m from the Growing Places Fund, managed by the Lancashire Enterprise Partnership.
Robert Wood, investment director at Igloo Investment Management, said the project would support the “continued creation of high-quality industrial space in Lancashire to drive economic growth and employment in the region”
Cllr Aidy Riggott, cabinet member for economic development and growth at Lancashire County Council, said: “Funds like this one are critical in enabling the ongoing development of Lancashire’s economy.
“We have a brilliant opportunity, as a county, to become a destination for growing businesses, supporting them to expand and scale – and I’m pleased to see this project advancing thanks to the all-important funding Pearl2 has secured.”
