Plans to build two huge Grade A office blocks in Birkenhead have received a major boost after an investment and pension group agreed to forward fund the development for £75m.
The "landmark deal" has been reached between Canada Life Asset Management and Wirral Growth Company - a 50:50 joint venture partnership between Wirral Council and regeneration firm Muse Developments.
Totalling 150,000 sq ft, the flagship office buildings are the first phase of the regeneration masterplan for Birkenhead town centre, which will see a mixed-use commercial quarter - including workspace together with a new market, leisure, food and drink, alongside event spaces and public realm.
READ MORE: Ineos announces major green investment in Runcorn as plant's future secured
The plans also include "much needed" new homes in the town centre.
With funding now in place, work will soon start on site on the land formerly occupied by Milton Pavements in the town centre.
Mike Horner, development director at Muse Developments and director of Wirral Growth Company, said: “This funding is a significant step in the regeneration of Birkenhead town centre and is a huge vote of confidence in what we are doing.
"We are now embarking on a transformational change over the next few years as we deliver our exciting plans which have local businesses and residents at their heart.
Most Read
"Muse Developments’ successful track record in delivering place changing urban regeneration in towns and cities across the 海角视频 was key in enabling us to secure this investment on behalf of Wirral Growth Company.
“By having a high-profile fund such as Canada Life on board, it is not only driving inward investment into Wirral, which is a promise we made at the beginning of this project, but it also demonstrates the strength and potential of what we’re creating here and further cements our commitment to delivering a vibrant town centre which will once again be attractive to people from all over the borough.”
Don't miss a thing - sign up for your free North West newsletter - and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more - and the news as it breaks - .
Cllr Tony Jones, chair of Wirral Council’s Economy, Development and Regeneration Committee, said: “This announcement is a major milestone in our ambitions for the town centre and shows the confidence of private sector investors in our plans for Birkenhead, in addition to the tens of millions of pounds we have already seen committed to the town, such as through Town Deal.
"The next few years will see Birkenhead undergo major transformation at the heart of our wider plans for the surrounding area and the rest of Wirral.”
Wirral Growth Company was advised by Savills and CBRE advised Canada Life Asset Management.
Michael White, head of 海角视频 property at Canada Life Asset Management, added: “We are thrilled to be backing this development which forms part of Birkenhead’s wider regeneration plans.
"These two office spaces will provide the Wirral with gold standard, modern workspaces which meet the highest standards of energy efficiency.”