WORK is to commence on the fourth phase of development at Netherton’s Atlantic Park, after confirmation of £4.7m-worth of funding.

The European Regional Development Fund (ERDF) has committed £3.1m, while Warrington-based regeneration body, the Northwest Development Agency (NWDA), will provide £1.6m towards the development of the Dunningsbridge Road site.

The project will involve site preparation and infrastructure works to bring forward 22 hectares of land, with the potential to develop about 75,000 square metres of office and industrial accommodation, creating the capacity for 1,500 jobs and the opportunity to attract £40m of private sector investment.

An existing single-storey office building will also undergo a comprehensive programme of refurbishment and remodelling to provide Grade A office accommodation.

Named Caspian House, the building will provide modern, efficient office space of around 3,500 square metres and will be available as a whole or sub-divided into two individual self-contained units, including parking.

This latest phase of development complements Atlantic Park’s existing five-storey flagship Grade A office building, No 1, which was completed in 2008 to increase the quality of out-of- town office accommodation in the area.

Steven Broomhead, NWDA chief executive, said: “The provision of high- quality employment sites and office premises is crucial if the region is to continue its strong track record in attracting investment, a key economic driver for the North West.

“The development of the Atlantic Park site, which is designated one of the region’s key strategic regional sites, will play a key role in supporting the growth of the local economy.”

He added: “The site has the potential to generate significant new employment opportunities for the local community and attract new investment into the area, and this investment will help to unlock this potential and enable the scheme to move forward.”

Gareth Dickinson, of Royal London Asset Management, the owners of the site, said: “Investment of this scale allows us to kick-start the next phase of our speculative development and is a vital step towards making Atlantic Park a key employment site.

“A 36-week programme of works can now begin and will see us bring additional high-quality space and much- needed choice to the office market in the North of Liverpool.

“Caspian House will be completed by the end of the year and the site-wide infrastructure will be in place by March, 2011.”

ERDF programme monitoring committee member, Phil Davies, added: “This investment is welcome news for Sefton.

“It will enable a key business development for the area to move forward that has the potential to create a significant number of new jobs for local people, one of the key aims of the North West ERDF programme.”