HSBC buys into Wirral office park

Wirral's Riverside Park has secured a £10m funding package from HSBC involving the sale of the first phase and finance to build a second.

The park, which is part of Wirral International Business Park, will be provided with investment funding for the completed first phase of two new Grade A office buildings and development finance for the second of the office scheme.

John Henley, chief executive of Riverside Park, said: "HSBC has moved swiftly to conclude the new multi-million pound funding to enable us to develop out the next phase and maximise on its existing popularity."

The 50,000 sq ft first phase of the scheme, priced at a rent of £11.50/sq ft, is 70% let. The next 35,000 sq ft phase is the second of four and will be let at around £14/sq ft. Completion is due in October 2008.

The overall project, funded by the European Regional Development Fund and the North West Development Agency, will provide 250,000 sq ft of offices.

HSBC was advised by CB Richard Ellis, Halliwells and EC Harris. Riverside Park represented themselves.