£3.4m is set to be invested in a new waterfront building as part of the major Wirral Waters development
Millions of pounds are set to be invested in a new waterfront building as part of the latest stage of the Wirral Waters development.
Liverpool City Region Combined Authority agreed on Friday to invest in landowner Peel’s No. 1 Tower Road Project for a three story business hub on the Mersey.
The proposal forms part of the Wirral Waters development, a plan to revitalise the area around Birkenhead’s docklands.
And the new building will act as a hub and incubator to try to assist local enterprises in expanding.
City region metro mayor Steve Rotheram said the development would help build an inclusive economy for everyone in the region. He said that supporting this project will help to breathe new life into Birkenhead’s docklands and generate jobs and opportunities for local people.
The report recommending the investment says the new building will also add momentum behind a drive to increase commercial space in the area. It says that the building will target indigenous businesses and inward investors looking to either relocate or who require modern floorspace options to facilitate their growth.
The building could accommodate up to 113 net new jobs.
However it also warns that the project would not be economically viable if left to the private sector alone, with the total £8.4m cost not matched by the £4.9m it is expected to directly generate.
The report said, an independent appraisal of the project costs and development values have been undertaken, concluding that the scheme is commercially unviable without public sector grant support.
The combined authority used an external company to carry out a review of the project, concluding good value for money.
According to the report Peel will also be responsible for any increase in costs.
The plans, which got planning permission from Wirral Council earlier this month, will see the hub built near two other newly completed projects. Wirral Metropolitan College’s new building and the 48,000 square foot Tower Wharf building are both nearby.