Liverpool City Region Unveils Funding Initiative to Accelerate Commercial Development
The Liverpool City Region Combined Authority has launched a new funding program aimed at accelerating the development of office, laboratory, and industrial spaces. This initiative is designed to address critical shortages in the property market, particularly in Grade A office supply and specialized laboratory facilities.
Addressing Market Failures and Supporting Growth
Authority officials state that the funding is intended to "help address key market failures" identified in the city region's growth plan for 2025-2035. Studies have revealed a "significant demand" for laboratory space, a notable shortage of Grade A office supply, and a pressing need for more high-quality industrial accommodation.
The primary goal of this funding is to unlock inward investment and encourage developers to provide the necessary commercial space. This round will focus on supporting capital land and property projects that bolster sector-led clusters and schemes where there are demonstrative viability gaps. The authority plans to issue additional funding calls in the coming months and years.
Priority Areas for Investment
The funding call, which runs from today until midday on April 1, targets three specific priority areas:
- Grade A Office Space: The Combined Authority seeks to invest in projects that deliver a minimum of 60,000 square feet of new or refurbished commercial floorspace. This space must meet the needs of existing occupiers and support business growth in the Central Business District.
- Specialist Laboratory Space: Investments will target schemes that provide new or refurbished Category 1 or 2 laboratory space, clean room facilities, and 'write up' areas. These projects must support the growth of high-potential start-ups in the Liverpool City Region, with at least 40% of the overall floor space dedicated to laboratory or clean room uses, contributing to the Health & Life Sciences sector.
- Premium Industrial Units: The authority aims to invest in new or refurbished units to foster the growth of the region's advanced manufacturing sector.
Official Statements and Economic Impact
Cllr Mike Wharton, Liverpool City Region's cabinet member for business, investment, and trade, emphasized the importance of this initiative. "Unlocking high-quality land and property is fundamental to the future of the Liverpool City Region," he said. "These new funding calls will accelerate the development of the modern offices, laboratories, and industrial space our growing sectors need."
He added, "This is about creating the right conditions for businesses to innovate, invest, and expand, so that our communities continue to benefit from more jobs, more opportunities, and a stronger, more resilient economy."
The funding initiative is part of broader efforts to enhance the region's infrastructure and support key sectors such as technology, health sciences, and advanced manufacturing. By addressing these property shortages, the Combined Authority aims to stimulate economic development and attract further investment to the Liverpool City Region.
