The construction of Liverpool Science Park (LSP)'s third building will commence on site next year following the announcement of a £7.6 million funding package.

This will complete the development of LSP's Metropolitan cathedral site, at the heart of the two universities and Liverpool’s knowledge quarter.

'Innovation Centre 3' will play a vital role in the long-term development of Liverpool’s Commercial Knowledge Economy by providing 42,000 sq ft of much-needed R&D offices and laboratories to support, retain and expand the region’s thriving life sciences and physical sciences sector. It will also offer purpose built starter pods for young knowledge based companies and state of the art open innovation space for all LSP tenants.

The Park's owners, Liverpool City Council, the University of Liverpool and Liverpool John Moores University, will underwrite a £3.8 million loan taken out by LSP towards the construction costs, with the balance of £3.8 million being provided by the European Regional Development Fund (ERDF).

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Chris Musson, Chief Executive of the award-winning Liverpool Science Park, said: "Confirmation of funding for ic3 is a key moment in Liverpool Science Park’s evolution, and will provide world leading opportunities for our current tenants and for the region’s commercial knowledge economy. We would like to thank our partners for their continued support.

"From our experience, laboratory-based SMEs demand flexibility and our Containment Level Two laboratories and flexible leasing policy will enable the creation of a new and vibrant tenant mix to the Park. We are answering a need and sending a clear message nationally to science-based companies that Liverpool is a high quality destination for commercial knowledge enterprise. Similarly, the new starter pods will make LSP the destination of choice for any young entrepreneurs wanting to mix with like minded companies and will set LSP apart as a place where knowledge based companies from any discipline can work and collaborate together.

"The project fits perfectly with the North West Competitiveness program to deliver on the Lisbon Agenda, further pushing the North West as the number one destination for innovation and high growth organisations. The investment for ic3 goes to further enhance the Park's attractive offering, which is built on providing a first class operating environment, business support and links to the region's specialist experts."

Detailed planning permission was granted for the four-storey building in October 2010.

Construction is expected to commence in late Spring 2012 and open in in Summer 2013.

(CD/BMcC)