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.
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"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."
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