Developer Flintrock has completed its 218,000 sq ft speculative development on Knowsley Business Park, a scheme back by a £9.4m loan from the Chrysalis Fund and Knowsley Council.
Dubbed the “largest speculative unit to be built in the City Region for more than a decade” by the council, the scheme secured planning permission in July 2017, and won funding in May last year.
Funding for the scheme came from loans from The Chrysalis Fund to the tune of £5.4m, while Knowsley Council provided a loan of £4m. B8 is the retained agent for the scheme.
It is the sister project to the neighbouring Venus 110, built in 2015 and now occupied by Amazon.
Dale Milburn, executive director, regeneration & economic development at Knowsley Council said: “Providing short term funding to support a project like this not only makes good financial sense for the Council but also helps to kick start developments which in turn brings new businesses and new jobs to Knowsley.
“The loan we granted is fully repayable over three years and in addition to receiving the interest on this loan we will also, receive additional business rates as a consequence of the development.
“There is high demand for this kind of accommodation in Knowsley and the Liverpool City Region, and we therefore share the developer’s confidence that an occupier will be secured shortly.”