WORK on a new industrial scheme for Ellesmere Port is about to get under way thanks to a multi-million-pound boost.
The Vortex Business Park has been partly financed with £9 million from the Cheshire & Warrington Development Fund and Northwest Evergreen 1 Fund and a grant of £2.7 million from the Cheshire Science Corridor Enterprise Zone, with the remainder coming from the owner’s equity.
The new multi-let industrial estate, off New Bridge Road, will see a total of 209,945 sq ft developed across five units ranging from 15,000 to 107,000 sq ft.
The Vortex scheme sits within the Cheshire Science Corridor Enterprise Zone, a strategic priority for the Cheshire & Warrington Local Enterprise Partnership and aims to create 420 new jobs.
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 of 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.”
Clare Hayward, chair of Cheshire and Warrington Local Enterprise Partnership, said: “The Vortex scheme will see the development of the last of our major Enterprise Zone sites in the Newbridge Road area.
"Over the last six years we have seen the transformation of brownfield sites along Newbridge Road, with schemes such as Helix, Rhino Products and the Progroup cardboard manufacturing plant, all supported through the Cheshire Science Corridor Enterprise Zone.
"We are delighted to be able to provide support for this latest scheme both through the Cheshire and Warrington Development Fund and the Enterprise Zone.
"The Vortex scheme will add a much-needed new supply of smaller industrial units to the Ellesmere Port market, creating 420 new jobs and generating an additional £70m a year to the local economy.”
The scheme secured funding from the Cheshire & Warrington Development Fund due to the project being eligible under the ERDF 2014-2020 programme, supporting competitiveness of Small and Medium Size Enterprises in the region.
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.”
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