£24m bank funding for New Brighton
THE New Brighton development in Wallasey has bagged £24m bank funding to kick-start the commercial element of the scheme.
The funding has been awarded to Neptune Wirral Limited, a vehicle company set up by Peter Hynd, the chairman of Neptune Developments, which is delivering the scheme, and HSBC.
The deal, agreed with HSBC Corporate Banking, coincides with the official signing of Bowmer & Kirkland as the development’s main contractor.
The £60m New Brighton development is set to regenerate the town’s Promenade. It will provide a retail and leisure area incorporating a WM Morrison supermarket, Travelodge Hotel, The Light Cinema, restaurants and bars, a watersports training centre, a new model boating lake and a public lido, substantial public realm works as well as improved public transport links.
Peter Hynd said: “This is a huge milestone for the scheme, and the Wirral as a whole. We are thrilled to have secured HSBC’s support despite challenging market conditions which clearly reflects on the quality of Neptune’s proposals. We are now looking forward to working together on delivering phase two of the scheme which is a huge step in the ongoing regeneration of New Brighton.”
Steve Parry, managing director at Neptune Developments, said: “Neptune has been committed to the regeneration of New Brighton for many years, and has created a scheme that we believe will make New Brighton a major year round destination.
“We are delighted Neptune Wirral is investing in the scheme and look forward to managing the development on their behalf. Construction is progressing well on site and we have a number of national and local leisure operators interested in taking units within the development.”
Brian Roxburgh, HSBC head of real estate, North West, said: “Neptune presented us with a clear vision and compelling case for this development and as a result we were pleased to offer the financial support to help breathe life back into Wallasey’s waterfront area. The partnership highlights that despite the UK’s ongoing economic challenges we remain supportive of well managed organisations with a solid strategy and vision, whatever the sector.”
The first phase of the scheme was completed in 2008 with the 800-seat Floral Pavilion and Conference Centre.
