Capital & Centric Plc has signed a gap funding agreement with The European Regional Development Fund. The funding will be used towards Capital & Centric Plc’s Tithebarn project in central Liverpool.
The development includes the speculative £6m renovation and conversion of the derelict 1970’s offices into affordable office pods targeted at SME’s. Once completed, the project will provide 40,000 sq ft (3,716 sq m) of space with a number of unusual features yet to be announced by Capital & Centric.
Commenting on the regeneration of No 12 Tithebarn Street, Liverpool Mayor Joe Anderson said:
“It’s great news that No 12 Tithebarn Street is being brought back to life. This development will provide invaluable support to the SME’s which are so important to the economic future of our city.
“It’s refreshing to see a traditional city landmark being rejuvenated by innovative and creative design, alongside cutting-edge energy efficiency. I’m looking forward to the building becoming a focal point for Liverpool businesses.”
The project is due to commence construction in the next few weeks once detailed planning permission is received. Capital & Centric acquired the derelict building and adjacent car park in April and announced plans to bring forward the speculative project, bucking the trend in the Liverpool market.
The project will be Capital & Centric’s fourth speculative development in Liverpool in three years. They have planning approval for a further 300,000 sq ft (27,870 sq m) of projects in Liverpool alone. Last year they completed the speculative 80,000 sq ft (7,432 sq m) Estuary Banks next to Liverpool Airport, and they are due to complete the development of their 60,000 sq ft (5,574 sq m) Speke Business Park later this year.
All of the developments have been super eco-friendly having each been awarded BREEAM ‘excellent’ status.
Sir Howard Bernstein, Vice Chair of the North West ERDF Local Management Committee said;
“This is a significant project which will provide a boost to the local economy, help local businesses and create jobs – I am extremely pleased that the European Regional Development Fund is supporting it financially.”
Tim Heatley, co-founder of Capital & Centric said:
“Signing this agreement is the last big bit of the jigsaw that we needed in order to get cracking with construction. This innovative approach to funding, design and development means we can continue to develop speculatively, avoid having any bank debt and deliver great looking buildings.”