Capital & Centric has signed a gap funding agreement with the European Regional Development Fund for £1.42m for the development of 3.5 acres of brownfield land at Estuary Commerce Park in south Liverpool.
The developer received planning approval in November 2013. The development will consist of a new road access plus the £3m construction of offices and warehouses to be known as Hangar One, of 18,000 sq ft and Hangar Two, of 22,000 sq ft. The designer is Sixtwo Architects.
Capital & Centric agreed to acquire the land from the Homes & Communities Agency.
The project will be Capital & Centric's fifth speculative development in Liverpool in three years. Last year they completed the 80,000 sq ft Estuary Banks next to Liverpool John Lennon Airport, and earlier this year completed the speculative development of the 60,000 sq ft Speke Business Park. The developer is currently converting a building into a 17,500 sq ft office known as the Bunker Building next to the former Littlewoods building on Edge Lane, and is also renovating a £6m office in the city centre known as the Tithebarn Project.
Tim Heatley, co-founder of Capital & Centric, said: "Signing this agreement is the last big bit of the jigsaw that we needed in order to get cracking with construction. Our innovative approach to funding, design and development means we can continue to develop speculatively, avoid having any bank debt and deliver great looking buildings."