The Chrysalis Fund is investing £2.3m into DB Symmetry’s £5.3m refurbishment of a 120,000 sq ft industrial and logistics facility at Huyton Business Park, Knowsley.
The former Goodrich aerospace engineering site, which has been empty since late 2015, is being refitted to create 108,000 sq ft of industrial space and 10,000 sq ft of offices, and will be known as Aquila 118.
The refurbishment will include the demolition of a 25,000 sq ft office building to improve the loading and yard areas on the 9.4-acre site. In addition, a large proportion of mezzanine offices will be removed from within the warehouse itself, improving loading access to the unit.
Owned by UK real estate investment manager Barwood Capital through its 2012 Property Fund, the project is being led by DB Symmetry.
Work has started on site and is expected to be complete in early 2017.
The Chrysalis Fund supports commercial regeneration activities across the Liverpool city region and has now invested more than £34m into seven commercial development projects, including an £11.5m investment into a Life Sciences Accelerator and £5.6m into the redevelopment of the grade two-listed Watson Building on Renshaw Street.
Mark Bousfield, Chrysalis investment manager, said: “In spite of the uncertainty caused by the recent Brexit vote, Chrysalis’ funding is secured for the city region until 2022, and this investment reflects our unswerving commitment to finding and supporting pioneering investment projects that bring regeneration, jobs and prosperity across the region.
“Once the home of tornado jet engine parts, this site has a proud history but also a bright future.”
The Chrysalis Fund is backed by the European Investment Bank, the Homes & Communities Agency and the European Regional Development Fund under the JESSICA (Joint European Support for Sustainable Investment in City Areas) programme.
The fund is managed by the Igloo Consortium, which comprises Igloo Regeneration Limited, Bilfinger GVA and RBC Capital Markets, and operates in partnership with Liverpool City Region LEP and local authorities.