Schemes in Recession

A number of infrastructure schemes in the Northwest have been affected by the economic downturn. The NWDA has been supporting these schemes financially to get them back on track, so the region is best placed for recovery once the economy begins to improve.

Penrith: New Squares

The NWDA has invested £1 million in Penrith’s New Squares shopping and housing scheme. Work on the multi-million pound scheme halted in October when National Australia Bank withdrew its offer of funding to scheme developers Lowther Manelli.

The Agency’s investment will enable the first phase of the project - the construction of a new stadium and community facility for Penrith AFC - to be completed. Led by Eden District Council, this will allow the club to relocate from its current ground and paves the way for a proposed £77 million retail-led development for the town.

Warrington: Time Square

The NWDA has secured the Time Square retail site in Warrington town centre for redevelopment by Warrington Borough Council.

The purchase of the 1.2 ha site next to Warrington Markets is an early part of a long-term development strategy for the town under the Warrington Master Plan, a vision to steer development in the south of the town centre until 2030.

Liverpool: Mann Island

The NWDA has provided £3 million to the Mann Island development on the Liverpool Waterfront to enable the multi-million pound development to proceed on programme. The funding will assist in the development of a further 3,065 sq m of Grade A accommodation, in addition to the 9,850 sq m of accommodation to be occupied Merseytravel.

The Mann Island development is being delivered as a joint venture between Neptune Developments and Countryside Properties plc. It had been anticipated that the Pier Head office element of the Mann Island mixed-use development could be delivered independently, however the current financial climate has resulted in significant negative yield movement, increasing funding and construction costs.