Lloyds TSB Corporate Markets has provided £22.5m to Liverpool architect-developer LAG Prichard to build a mixed-use scheme including a Hampton by Hilton hotel on the site of the former flag maker Porter Bros in the Baltic Triangle.
As well as the city's second Hilton – the first is due for completion early 2009 in Grosvenor's Liverpool One – Kings Dock Mill will contain 3,600 sq ft of office space and apartments.
The scheme is behind the Baltic Fleet pub and next to the aborted Windsor Developments (Liverpool) project which went into administration last year. A buyer is still being sought for that site by administrator BDO Stoy Haywood.
Jonathon Prichard, architect-developer at LAG Prichard, commented: "We've worked closely with the city council and Liverpool Vision to ensure that the scheme is in keeping with the existing architecture in this area of Liverpool. The overall concept and design is very simple and draws on the city's past heritage using brick and traditional materials that will stand the test of time.
"This development is another sign of Liverpool's continued renaissance – the fact that we secured funding for this scheme and can now start on site in the current market place shows its quality and the confidence we have in the city."
Prichard already has £5m mezzanine funding from Investec Private Bank. The project is due for completion in January 2010.