Combined Authority aims to tackle shortages of lab space and Grade A offices
Liverpool City Region Combined Authority has announced new funding for property developments to help meet demand for lab space and to tackle the shortage in Grade A office supply. Authority bosses say the funding is designed to “help address key market failures” analysed in the city region’s growth plan for 2025-2035.
Studies show the city region has a “significant demand” for laboratory space, a shortage of Grade A office supply, and a need for more “high-quality industrial accommodation”. The funding launched today has been designed to unlock inward investment and to encourage developers to provide that space.
This round will focus on backing “capital land and property projects that support sector-led clusters”, and on backing schemes where there are “demonstrative viability gaps”. The authority plans to launch more such funding calls in the months and years ahead.
The funding call runs from today until midday on April 1 and focuses on three priority areas.
Grade A Office Space: The CA is “seeking to invest in projects which deliver a minimum 60,000 sq. ft of new or refurbished commercial floorspace which can meet the needs of existing occupiers and support business growth in the Central Business District”.
Specialist Laboratory Space: The authority is looking to invest in schemes “which deliver new or refurbished Category 1 or 2 laboratory space, clean room space and ‘write up’ facilities which can support the growth of high potential start-ups in the Liverpool City Region. This will require delivery of at least 40% of overall floor space for laboratory or clean room uses, which contributes to the Health & Life Sciences sector”.
Premium Industrial Units: The CA is looking to invest in new or refurbished units “to support the growth of the region’s advanced manufacturing sector”.
Cllr Mike Wharton, Liverpool City Region’s cabinet member for business, investment and trade, said: “Unlocking high quality land and property is fundamental to the future of the Liverpool City Region. These new funding calls will accelerate the development of the modern offices, laboratories and industrial space our growing sectors need.
“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.”
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