Pendle development receives £6.2m boost from the Lancashire Urban Development Fund

The final phase of Lomeshaye Industrial Estate in Nelson has received £6.2m in funding from the Lancashire Urban Development Fund to facilitate its completion. The scheme will soon provide a 100,000 sq. ft. unit to be occupied by Limitless Digital Group.

Local contractor Barnfield Construction has been appointed to construct the cutting-edge facility on the final plot of land, with the development being led by PEARL2, a joint venture between Barnfield Investment Properties and Pendle Borough Council.

The project has now received a £6.2m boost from the Lancashire Urban Development Fund, which is managed by igloo Investment Management and seeks to enable new industrial developments and unlock stalled developments to drive the economic growth of the county.

The Lancashire Urban Development Fund’s resources are drawn from the European Regional Development Fund and have been allocated from the Lancashire European Structural and Investment Funds Programme 2013-20.

Alongside this significant investment, PEARL2 has secured an additional £1m from the Growing Places Fund, managed by the Lancashire Enterprise Partnership, which supports commercial and industrial developments with the potential to boost the Lancashire economy.

Developed to provide companies in Pendle with a thriving business community to expand into, the upcoming completion of Lomeshaye Industrial Estate marks a key milestone for PEARL2 and is set to contribute to Lancashire County Council’s ambition to generate new employment opportunities in the county.

The development is preparing to welcome its first occupier in the coming months, as Limitless Digital Group, a digital retailer focused on the home improvement sector, expands its operations from its Burnley headquarters. The addition of this modern unit is expected to support the firm’s plans for growth in UK and international markets.

Robert Wood, investment director at igloo Investment Management, said: “We’re delighted to be able to finance the development of Lomeshaye Industrial Estate, supporting the continued creation of high-quality industrial space in Lancashire to drive economic growth and employment in the region.

“The Lancashire Urban Development Fund presents a unique and valuable opportunity to SMEs, and we look forward to continuing to support other eligible projects.”

Councillor Aidy Riggott, cabinet member for Economic Development and Growth at Lancashire County Council, said: “Funds like this one are critical in enabling the ongoing development of Lancashire’s economy.

“We have a brilliant opportunity, as a county, to become a destination for growing businesses, supporting them to expand and scale – and I’m pleased to see this project advancing thanks to the all-important funding PEARL2 has secured.”

By Mark Adair – Correspondent, Bdaily

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