Developer-investor Barnfield will use £1m of Regional Growth Fund round six cash to deliver the Northlight scheme at Brierfield Mill in east Lancashire.
Barnfield and Pendle Council's joint venture project was one of 14 in the North West to receive conditional offers and will now submit a detailed business case and proof of match funding before drawing down the government aid.
Tim Webber, chairman of the Barnfield Group and board director of PEARL2, the name of the joint venture, said: "This money will be used to kick-start the whole development and will aid the delivery of around 40,000 sq ft of incubator space."
The former BSN offices on Glen Way, Brierfield and the connecting Northlight shed behind will be converted into a business centre and workshop space. Work on the Northlight development is expected to start later this year. Other parts of the project include a retirement housing element, being delivered by Evermore Wellbeing.
Also successful was Rochdale-based manufacturer Hanson Springs, which received £1.4m towards a planned £7m expansion of its premises by 30,000 sq ft and new machinery. Hanson Springs received a similar amount in 2011 to relocate to a new head office and factory within the borough.
Another winner was BioHub at Alderley Park, the 400-acre former AstraZeneca campus in east Cheshire acquired by Bruntwood's Manchester Science Partnerships last year.
In all more than £50m will be shared by the 14 winners, selected out of 40 submissions, bidding for £149m in total.
Since deputy prime minister Nick Clegg launched the fund in 2010, a total of £430m has now been invested in 89 projects across the North West. Clegg was today visiting projects in Liverpool to see RGF in action.
The full list of bidders in the North West with conditional offers from round six is as follows:
- St Helens Chamber, for programme across Liverpool City Region
- Economic Solutions, part of the Manchester Growth Company, for programme covering the North West and parts of the North East
- Cumbria Chamber of Commerce
- East Lancashire Chamber of Commerce & Industry
- Victrex, Thornton-Cleveleys
- Merseyside Special Investment Fund, North West programme
- M Sport, Cockermouth
- HPL Prototypes
- Hanson Springs, Rochdale
- S Cartwright & Sons, coachbuilders, Altrincham
- Barnfield Investment Properties, Brierfield
- The University of Manchester, programme covering Cumbria
- BioCity, Alderley Edge
- Reform Energy, Fleetwood