The Chrysalis Fund has agreed to invest £11.5m in the development of a 70,000 sq ft life science centre in Liverpool, which will house research teams from Royal Liverpool University Hospital, Broadgreen University Hospitals NHS Trust, and the Liverpool School of Tropical Medicine.
The £25m Liverpool Life Sciences Accelerator will be made up of lab and office space, and will enable research into antibiotic resistance and forms part of Liverpool’s growing Knowledge Quarter.
Situated on Daulby Street within the grounds of the Royal Liverpool University Hospital, the Accelerator will be five-storeys high, with two floors available for commercial laboratories and office facilities for SMEs involved in developing products that will improve patient care and treatment outcomes. A further two floors will be used by LSTM’s resistance mitigation portfolio, which focuses on research into antibiotic resistance.
Building on site will start in mid-November, and the Life Sciences Accelerator is due to open in June 2017.
The architect is IBI Group.
The scheme is led by the NHS Trust, is partnership with Royal Liverpool and LSTM.
The Chrysalis Fund, which supports commercial regeneration activities across the Liverpool city region, has now invested more than £32m into six commercial development projects. Investments to date include £5.6m towards the redevelopment of the grade two-listed Watson House on Renshaw Street and £3.5m to Italian cable manufacturer Tratos based in Knowsley Business Park.
The total Chrysalis Fund is £34m and is due to be fully committed by early 2016.
John Tatham, partnerships director at Igloo and fund manager at the Chrysalis Fund, said: “This investment marks an important landmark for the fund. It demonstrates our ability to invest in projects that drive forward the city’s key strategic priorities of creating and retaining high value jobs and delivering economic growth.
“It’s great to be able to provide the loan for this development which will further bolster Liverpool’s reputation as a centre for global excellence in life sciences which represents a £1.7bn economy.”
The Chrysalis Fund is backed by the European Investment Bank, the Homes & Communities Agency and European Regional Development Fund under the Joint European Support for Sustainable Investment in City Areas programme.
The fund is managed by the Igloo Consortium, which is made up of Igloo Regeneration Limited, Bilfinger GVA and RBC Capital Markets and operates in partnership with the Liverpool City Region LEP and the local authorities.