The Chrysalis Fund has approved a £4.8 million investment toward the redevelopment of the Grade II listed Watson House on Renshaw Street in Liverpool city centre, according to the Liverpool Express.

The Chrysalis Fund was set up to support economic regeneration in the city region. The initiative is backed by the European Investment Bank and European Regional Development Fund under the JESSICA (Joint European Support for Sustainable Investment in City Areas) programme. The Fund is managed by the Igloo Consortium, which is made up of Igloo Regeneration Limited, GVA and RBC Capital Markets and operates in partnership with the Liverpool City Region LEP and the Local Authorities.

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The £4.8m investment will be provided to a syndicate of investors organised under the national Business Premises Renewal Allowance scheme. The syndicate will redevelop the vacant Watson House, bringing it back to life and back into economic use, to comprise circa 80,000 sq ft of new Grade A office accommodation, built to BREEAM 'Very Good' standard.

Watson House adjoins the former Lewis's department store which is currently undergoing extensive refurbishment works to provide leisure and retail space, a boutique hotel and office accommodation as part of the wider Central Village masterplan, which has secured high profile tenants including Odeon Cinema and Frankie and Benny's.

(CD)