The Lancashire Urban Development Fund has granted a sum of £6.2m to the final phase of Lomeshaye Industrial Estate in Nelson, which will enable the development’s completion. The final plot of land will be used for the construction of a facility spanning 100,000 sq. ft., to be occupied by Limitless Digital Group. PEARL2, led by Barnfield Investment Properties and Pendle Borough Council, will manage the project, with local contractor Barnfield Construction appointed to construct the facility. The Lancashire Urban Development Fund, managed by igloo Investment Management, is supporting the scheme, which will unlock stalled developments while enabling new industrial ventures and driving economic growth in the county. The funding has been drawn from the Lancashire European Structural and Investment Funds Programme 2013-20, which is resourced by the European Regional Development Fund. An additional £1m has been secured by PEARL2 from the Growing Places Fund, managed by the Lancashire Enterprise Partnership, which supports projects with the potential to bolster the local economy.
The development of Lomeshaye Industrial Estate marks a significant milestone for PEARL2 and is aligned with Lancashire County Council’s ambitions to generate job opportunities in the county. The forthcoming completion of the estate will provide a thriving business community for Pendle firms seeking to expand their operations. Limitless Digital Group will be the first to occupy the modern facility, using it as a base for the business’s UK and international growth plans. Robert Wood, investment director at igloo Investment Management, expressed his satisfaction at the opportunity to finance the scheme, which will lead to the creation of high-quality industrial space to further employment opportunities in the region. Councillor Aidy Riggott, Cabinet member for Economic Development and Growth at Lancashire County Council, lauded the project for the critical role it plays in developing Lancashire’s economy.
In conclusion, the Lomeshaye Industrial Estate development, with its generous funding and support from various entities like igloo Investment Management and Lancashire Enterprise Partnership, is poised to make a significant contribution to the local economy. As the estate welcomes its first occupier, it is hoped that this will pave the way for further economic growth in the region while giving SMEs a thriving business community to operate from. The Lancashire Urban Development Fund and its endeavors to drive economic growth in the county offer unique opportunities for eligible projects, ensuring the continued creation of high-quality industrial space in Lancashire.
