Pension fund-backed mixed use scheme gets under way
A mixed used scheme in Bromborough, Wirral, funded by a £5.2m loan from Merseyside Pension Fund, is under way.
Liverpool-based Redsun Projects has begun work at Croft Retail Park, located next to the A41 at the heart of Bromborough Industrial Estate.
The first phase of the development will consist of two drive-thru café’s/restaurants to be delivered by Gastronomy Food UK, four trade counter units, and a self-storage facility which is being sold to LokNStore.
Caddick Construction has started work on site and the first phase is due to be completed by June next year. A further phase of development will come forward at a later date.
Nick Wightman, director at Redsun, said: “Merseyside Pension Fund’s commitment to our project has enabled us to get under way with the delivery of this scheme. This is one of the most prominent development sites on the Wirral so we’re very pleased to be bringing this forward.”
He added: “We have strong early interest in the remaining available units and have received a number of enquiries for the future phase on a build to suit basis.”
Cllr, and Merseyside Pension Fund Chair, Julie McManus, said: “Merseyside Pension Fund is committed to enhancing regeneration, development and local employment opportunities in the Wirral and wider Liverpool City region, as well as facilitating commercial returns at prudent risks for our members.
“This latest Catalyst Fund loan is a testament to that.”
Herbin Duffield, director, CBRE Capital Advisors, said: “We are pleased to have arranged another MPF Catalyst Fund loan in the Wirral, our second in the borough, showing support for local development and jobs in the administering local authority area of our pension fund client.
“The majority of the loan security is pre-sold to a national operator and the trade counter and light industrial market is strong – presenting a good risk and return profile for our client, while also being an attractive leverage and flexible loan proposition for Redsun.”
The project team includes Fletcher Rae (architects), Langton Development Services (PM), Link Engineering (engineering), KGA (M&E).
B8 and Legat Owen are joint letting agents for the scheme. Gastonomy Foods and LokNStore represented themselves. CBRE is the retained adviser for Merseyside Pension Fund.
