Lancashire launches £20m fund for industrial and office projects

Developers are encouraged to apply for money from the Lancashire Urban Development Fund, which aims to both help new schemes and unlock stalled projects.

Lancashire County Council and the European Regional Development Fund have teamed up together to create the Lancashire Urban Development Fund. The fund will be managed by Igloo Investment Management and formally launches 24 March, but Igloo is encouraging those interested to apply now.

The fund will prioritise the following sorts of projects, as listed on the fund’s website:

  • The development of industrial workspace with individual floor space sized up to 10,000 square feet
  • The development of larger industrial workspace units above 10,000 square feet
  • Viable commercial office developments
  • The 30 sites identified in the Lancashire Strategic Economic Plan (SEP) will be prioritised over other developments (however, development will not be limited only to these sites)
  • Stalled and marginal developments in Lancashire
  • Schemes that will contribute to and accelerate the economic growth of Lancashire
  • The refurbishment or repurposing of older industrial stock

The fund will also prioritise projects that focus on the following industries, which it describes as “high-growth sectors in Lancashire”:

  • Advanced engineering & manufacturing
  • Aerospace & aviation
  • Automotive manufacturing
  • Creative, digital, ICT and new media
  • Energy and environmental technology
  • Business, professional and health services
  • Food & drink

“This cash injection of £20m will be a real boost to the Lancashire economy,” said Igloo investment director Robert Wood.

“It’s a fantastic opportunity for developers to breathe new life into existing projects or to bring forward new projects that have been in the pipeline but stalled without the required funding.”

Lancashire County Cllr Aidy Riggott, cabinet member for economic development and growth, described how the fund could help the local community.

“Small- and medium-sized businesses are the lifeblood of our economy, and we know that many have had to postpone plans for growth due to the uncertainties presented by the Covid-19 pandemic,” Riggot said.

“We’re now focused on helping to unlock that potential and are very keen to hear from companies who would like to find out more about the fund and how we may be able to help them finance the next stage of their development.”

A launch event will be held at Cotton Court Business Centre in Preston beginning at 11:30am on 24 March for those interested in learning more about the fund.

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Surprised this hasn’t been Brexit’d out of existence??

By Bregsit'd

@Bregsit’d – Structural Funds for the 2014/20 programme are ringfenced until the end of 2023. The added value of this revolving fund is that resources borrowed, spent and returned, can be retained and recycled in Lancashire.

By Structural

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