A multi-million pound economic regeneration loan for the construction of new retail units in Warrington is set to be approved by the Borough Council Cabinet.
Cabinet members will be asked for their support for the council to grant the loan for the construction of 11 SME business units on Winwick Road.
The loan will be provided to Network Space Developments Ltd (NSD), through an industry standard Special Purpose Vehicle (SPV) structure, in which the council provides NSD SPV with a £9.2m secured loan facility over 30 months and a cumulative interest facility of £1 million.
It is recommended that Cabinet approve the conclusion by the Board of a 30 month loan facility with an SPV of Network Space Developments Ltd.
A report due to be presented to cabinet at a meeting on Monday June 13 said: “The council has run a successful lending program since 2009 to support economic regeneration in Warrington and the surrounding sub-region.
“Network Space Developments Ltd (NSD) is a strong regional developer, expert in industrial development. They were established in 1982 and have since created and modernized 10 square meters of industrial workspace in 150 locations.”
He added: “As industrial specialists, they have a strong track record in developing, leasing and selling industrial inventory, and are well positioned to take advantage of current market trends.”