Funding secured for new Grade A flexible workspace at Wirral Waters
Property group Peel L&P, with support from the Liverpool City Region Combined Authority and the Merseyside Pension Fund, has secured a funding deal that will create up to 113 new jobs in a 34,000 sq ft Grade A office development on a key site in Wirral Waters.
The £7.7m No.1 Tower Road South project will create a distinct and flexible workspace for existing local businesses to grow and for new businesses to locate in the Wirral Waters Enterprise Zone.
Peel L&P will be responsible for the delivery of the three-story, BREEAM Excellent office complex.
The building will target local businesses and inward investors looking to either relocate or who require modern, sustainable floor space options to facilitate their growth.
With funding secured the No 1 Tower Road South development will continue the regeneration of the wider Four Bridges neighbourhood area within Wirral Waters.
Tower Road is already home to Wirral Metropolitan College’s Wirral Waters £10.5m, RIBA Award-winning built environment campus, and the Tower Wharf building occupied by The Contact Company.
As well as the new office, the Four Bridges neighbourhood will see the development of Egerton Village, a hub for retail, amenities and the arts, and the Maritime Knowledge Hub which will provide a national base for marine engineering research and development and survival training, as well as business accelerator space for the marine sector.
Work is also progressing well on Tower Road itself, with a new, improved and adaptable streetscape design to support existing occupiers, delivery of which commenced on June 8.
Improvements made in this streetscape scheme, and the wider Wirral Waters development, aim to attract new residents, students, visitors and new businesses to create new job opportunities, improve the environment, as well as making this vital road link safer for pedestrians and cyclists.
In November 2019, work started along the Northbank/Dock road site which will see 1,000 new homes built in the coming years.
Richard Mawdsley, Peel L&P’s director of development for Wirral Waters, said: “Securing this funding deal for No 1 Tower Road South means this multimillion-pound business hub can proceed as planned, bringing investment, economic growth, and jobs to Wirral.
“We hope to be announcing the contractor very shortly and with work starting on site in the Autumn.”
Cllr Pat Cleary, chair of Merseyside Pension Fund (MPF), said: “This is our fourth Catalyst Fund property investment.
“The Catalyst Fund was established by MPF in 2017 to support economic development in the Liverpool City Region (LCR). It is pleasing that we are able to invest in this way, providing our members with a commercial return whilst giving financial support to an important regeneration project in Wirral.”
Cabinet member for regeneration and growth, Cllr Tony Jones, said: “The breadth of change coming in Birkenhead is phenomenal.
“We have a large scale programme of regeneration planned across Birkenhead, the waterfront and the borough which will have a significant and long-term impact on the lives of the people living in our local communities.
“We are pleased to be able to support this project as it is an integral part of that wider programme of regeneration, linking to the town centre with prestigious new commercial resources for the area.
“It will be the cornerstone of a comprehensive and exciting development which will improve the quality of life for local residents with the creation of jobs and a range of retail and leisure facilities.”