Funding paves way for job boosting business park
Construction is to start on a new industrial scheme in Ellesmere Port, which will create 400 jobs, after funding for the scheme was secured.
Vortex Business Park has been partly financed with £9m from the Cheshire & Warrington Development Fund and Northwest Evergreen 1 Fund and a grant of £2.7m from the Cheshire Science Corridor Enterprise Zone with the remainder coming from the owner’s equity.
The new multi-let industrial estate, off Newbridge Road, will see a total of 209,945 sq ft developed across five units ranging from 15,000 to 107,000 sq ft.
The Cheshire & Warrington Development Fund and Northwest Evergreen 1 Fund and were both advised by CBRE’s Lending team within its capital advisors business.
Herbin Duffield, director, lending at CBRE Capital Advisors, said: “This is a major step forward for the development, and a significant boost to the economic prospects of the area, demonstrating the benefit impact funding can have. We were pleased to work in tandem with the Cheshire & Warrington LEP and the owner of the development to provide a loan that works efficiently for our Borrower alongside grant funding.
“This is a great deal for all, the finance will be for a three-year term, providing sufficient time for 12-month construction programme, with some headroom, then an orderly letting and sales or refinance process, although the finance can be repaid earlier with no penalty.”
Ben Lamont of Legat Owen on behalf of the owner of the development, said: “All the pieces are now in place to drive this ambitious scheme forward. The owners are grateful for, and delighted to have, the support of the Local Enterprise Partnership and CBRE which has provided essential funding to enable this scheme to commence, and we look forward to opening the business park in 12 months’ time.”
