Funding cocktail agreed for Knowsley spec warehouse

The Chrysalis Fund for Merseyside has agreed a £2.4m loan to developer Fintan Earley to finance a speculative warehouse development on Knowsley Industrial Park.

Work is due to start this month on the £6m scheme in Hornhouse Lane.

In addition to the finance from the £39m Chrysalis Fund, Fintan Earley secured a £1m European Regional Development Fund grant and a £1.5m Growing Places Fund loan.

John Tatham, fund manager for the Chrysalis Fund, said: "The fact that the development is speculative shows an increased confidence in the industrial sector and it is anticipated that the scheme will attract occupiers from the automotive, distribution or retail sectors.

"As Liverpool City Region gears up to be the freight and logistics hub for the North with the Liverpool2 project, SUPERPORT will also drive demand for warehouse and logistics space such as this. This investment illustrates our continued commitment and passion to deliver economic growth and job creation in the Merseyside area."

The Chrysalis Fund was launched in March 2012 to support commercial regeneration activities in the Liverpool City Region. The fund focuses on schemes that demonstrate economic growth and job creation.

The initiative is backed by the European Investment Bank, the Homes & Communities Agency and 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 is made up of Igloo Regeneration Limited, GVA and RBC Capital Markets and operates in partnership with the Liverpool City Region LEP and the local authorities.

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