Improving Liverpool City Region’s Industrial Sector
In November 2014, confidence in the Liverpool City Region’s industrial sector was boosted as work commenced on a £6 million speculative warehouse development on Knowsley Industrial Park. This marked a significant step for the region ahead of the opening of Liverpool’s new super-port freight terminal.
The Chrysalis Fund provided a £2.4 million loan toward the £6 million project to developer Fintan Earley as part of its continuing commitment to support economic growth in the Merseyside area.
Supporting Knowsley’s commercial offering
On completion, the development will provide 110,000 sq ft of new, high quality, grade A warehouse space on the land at Hornhouse Lane.
The new warehouse will allow the Knowsley region to cater for the surge in demand from occupiers across the automotive, distribution and retail sectors. This is estimated to increase once Liverpool2, the port’s deep water post-panamax container facility, opens next year.
Cllr Dave Lonergan, Knowsley Council’s cabinet member for Regeneration, Economy & Skills, said: “This investment from the Chrysalis Fund is welcome news for Knowsley and the wider City Region. We are one of the very few areas across the UK that is witnessing a boom in speculative development showing a real confidence in the market here which is a great boost for the local economy.”
Investing in the market
The £34 million Chrysalis Fund is committed to making investments to support and improve the commercial and industrial offering within the Liverpool City Region, focusing on schemes that demonstrate major economic benefit and job creation for the Merseyside area.
John Tatham, fund manager for the Chrysalis Fund, said: “As the Liverpool City Region gears up to be the freight and logistics hub for the north, Liverpool2 and SUPERPORT will drive demand for warehouse and logistics space such as this and we are proud this investment from the Chrysalis Fund will help provide a new commercial offering within Knowsley.
“This investment illustrates our continued commitment and passion to deliver economic growth and job creation in the Merseyside area.”
Working with Chrysalis
Developer Mr Earley said: “There is a noticeable shortage of new warehouses in Liverpool and I would like to thank the Chrysalis Fund for this financial support to rectify this deficit as without their backing this speculative development would simply not be possible. Providing this additional warehouse space is key to driving the City Region’s economy in the right direction and we look forward to welcoming businesses here.”