Omega site allocated £13m

The Cheshire and Warrington LEP has allocated £3 million from the Growing Places fund to the Omega site in Warrington.

The funding will support infrastructure works at Omega North, helping to secure occupier interest and unlock the first 500 of the predicted 1,500 jobs on this 80 acre part of the 575 acre Omega site.

Andrew Sutherland from Miller Developments, on behalf of Omega Warrington Ltd, commented: “Unlike other large schemes in the North West, to date Omega has been mostly funded by the private sector through Omega Warrington Ltd, a joint venture between Miller Development and RBS (now KUC Properties Ltd, its ventures division). When completed, the scheme could generate investment in excess of £600m; however we have always taken a strategic approach to funding with a strong focus on risk profile, phasing and timing of development receipts.

“In these economic conditions, a scheme of this size and complexity needs a private, public sector partnership to succeed. As the market has taken off over the past six months, we have worked with the Cheshire and Warrington LEP, supported by the homes and Comunities Agency (HCA) and Warrington Borough Council, to agree a funding package through the Growing Places Fund that can help us deliver the infrastructure essential to secure and respond to occupier interest.”

Christine Gaskell, chair of the Cheshire and Warrington LEP said: “We are delighted about the Omega North announcement and that the Growing Places Fund can support a project that is so important to the long term economic growth of Warrington and the North West. This positive news really is testament to the strength of the partnership created in Warrington between the Borough Council, the LEP, the HCA and Omega Warrington Ltd.”

Deborah McLaughlin, North West executive director at the HCA said: “This land has been vacant for a long time so it’s great news that through successful partnership working, private sector investment has been unlocked to help drive economic growth and create jobs for local people.”

Terry O’Neill, Leader of Warrington Borough Council continued: “This is a fantastic boost for the town which will benefit the local economy and community and by unlocking up to 1,500 new jobs, Omega North can now start to deliver. We have always maintained that the Omega site offers an almost unrivalled opportunity in the North West to create a commercial location of national significance.

“This current success serves to enhance Warrington’s status as an economic powerhouse and we want to build on this success by promoting our Warrington Means Business programme which is aimed at encouraging and attracting a multitude of further investment and business developments while creating and nurturing new opportunities within our town.”

Steve Park, managing director for Warrington & Co said: “This is a significant milestone for the Omega project and means that we are one step closer to unleashing the full potential of the site.

“This latest development is a fundamental factor in supporting our wider aims of not only promoting Warrington as a place for business and providing the infrastructure to facilitate this growth but also to create and maintain employment opportunities and provide a skilled workforce for the future.”

Omega Warrington Ltd has just completed and handed over the first unit on Omega North to Brakes. Work on the Hermes site is expected to complete in late 2013 and works will start on site for travis Perkins Group in Autumn 2013. Only two plots totalling just over 6 acres remain on Omega North and they are capable of meeting requirements for 50,000 sq ft of logistics and manufacturing accommodation.

The Growing Places fund is currently open for expressions of interest, with immediate funds available for loans. We are looking for development projects that could benefit from such funding. There are no formal bidding rounds - the fund is always open.

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