LCRCA lends Network Space £15.5m for Huyton scheme
The loan will go towards creating a modern industrial development at Halewood International’s former 28-acre Sovereign Distillery site.
Steve Rotheram, Mayor of the Liverpool City Region, said the £15.5m loan could help create 1,000 jobs.
“Investing in a project like this really is a no-brainer,” Rotheram said.
“It will give a big boost to Knowsley and the wider city region economy, and the returns it will generate means that we’ll be able to reap the rewards and reinvest in new projects.”
Network Space acquired the site, formerly home to Halewood Artisanal Spirits, in March 2021 when the drinks maker relocated operations fully to its Chorley base.
The developer plans to create a multi-let industrial estate aimed at light industrial, logistics and SME occupiers.
Plans for the first phase, which will benefit from the Liverpool City Region Combined Authority funding, will see the delivery of two new industrial units of 33,300 sq ft and 25,200 sq ft to the north of the site.
In addition, some buildings will be refurbished to create an 87,400 sq ft single unit along with a 48,500 sq ft terrace split into six units.
Aew Architects has drawn up designs for the project.
“This is a strategically important site,” said Dan Adamson, group finance director for Network Space.
“Repurposing existing buildings, alongside the delivery of new, energy efficient units, is a complex process so it was important for Network Space to work with a funder that understands and supports what we’re trying to achieve.”
The £15.5m loan is made up of £6.75m from the Liverpool City Region’s £25m Urban Development Fund and £8.7m from the £35m Chrysalis Fund, which is managed by Igloo Investment Management.