Omega secures Growing Places cash
CHESHIRE and Warrington local enterprise partnership (LEP) has given a £3m loan to the Omega logistics park in Warrington from its Growing Places fund, which aims to boost economic growth by providing loans to kickstart development projects.
The LEP said the money would be used for infrastructure work at Omega North – the part of the former Burtonwood airbase on the north side of the M62 – and to help secure occupier interest.
The 80-acre part of the 575-acre Omega site has already attracted Travis Perkins, food supplier Brakes and delivery group Hermes in pre-lets totalling 1m sq ft.
Omega is run by Omega Warrington, a joint venture between Miller Developments and Royal Bank of Scotland-owned KUC Properties.
Andrew Sutherland from Miller Developments said: “Unlike other large schemes in the North West, to date Omega has been mostly funded by the private sector through Omega Warrington Ltd, a joint venture between Miller Development and RBS. When completed, the scheme could generate investment in excess of £600m; however we have always taken a strategic approach to funding with a strong focus on risk profile, phasing and timing of development receipts.
“In these economic conditions, a scheme of this size and complexity needs a private, public sector partnership to succeed. As the market has taken off over the past six months, we have worked with the Cheshire and Warrington LEP, supported by the homes and Communities Agency (HCA) and Warrington Borough Council, to agree a funding package through the Growing Places Fund that can help us deliver the infrastructure essential to secure and respond to occupier interest.”
Christine Gaskell, Chair of the Cheshire and Warrington LEP said: “We are delighted about the Omega North announcement and that the Growing Places Fund can support a project that is so important to the long term economic growth of Warrington and the North West. This positive news really is testament to the strength of the partnership created in Warrington between the Borough Council, the LEP, the HCA and Omega Warrington.”
