Parkside will bring 'huge benefits and quality jobs' to borough

As previously reported by the Star, the Parkside regeneration project is a venture between St Helens Council and developer Langtree, intended to transform a former colliery in Newton-le-Willows into the largest 'Freeport' sites in the Liverpool City Region.

With Freeports benefitting from tax and customs incentives, the Parkside site aims to attract a range of logistics and manufacturing firms to strengthen the region's position as an attractive location for global trade.

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New fund to help repay £16.5m investment

An aerial view of the proposed Parkside regeneration project (Image: Langtree)
The 1million square feet location, previously described as a "sweet spot" between Liverpool and Manchester, was given outline planning consent in November 2021 following a public inquiry.

A reserved planning application to outline further details of the project is currently being processed, while councillors approved the establishment of an investment fund last week to support the long-term future of the project.

With investment funds central to Freeport locations, this will enable the council to keep business rates from units on the site, which will be ringfenced for specific revenue and capital projects.

As the council has set aside a borrowing sum of £16.5m for the Parkfield development, the fund will also help to repay this investment and pay for future infrastructure projects, councillors say.

Overall, the first phase development at Parkside is expected to generate more than 1,300 new jobs, while work on the Parkside Link Road to the M6 motorway is currently ongoing and expected to be completed by spring 2024.

A second phase of regeneration is expected to follow at the site.

Parkside to bring 'huge benefits' to borough

The project is hoped to bring more than 1,000 jobs in its development (Image: St Helens Council)
Councillor Martin Bond, Cabinet Member for Corporate Services, said: "The investment fund is enabled from future business rates that will be generated from the units built on the Parkside site.

"The council can use borrowing (loan) finance to help early investment in infrastructure projects and repay this money using the business rates income that comes to the council in the future.

"This investment fund will be available to provide funding towards essential infrastructure projects that will help the full development of the Freeport site. Each project that comes forward for funding will be subject to a business case and appraisal process.

A link road to the site is set to be completed in spring 2024 (Image: St Helens Council)
"The £16.5m in the Council’s Medium Term Financial Strategy relates specifically to the Council’s investment into the joint venture partnership to develop and construct units within Parkside West.

"It is the Council’s share as a 50 per cent partner, to support financing of the development of units on the site. This investment means that the Council will receive 50 per cent of any future revenues from the development.  This is not part of the above investment fund.

"This value is provided for within the Council’s capital programme and will be managed in line with the Council’s approved Treasury Strategy. The decision was approved in 2023, and factored in the recent economic changes and interest rate rises in Autumn 2022.

"Any risk from future movements in interest rates will be managed by the Council in line with the approved Treasury Management Strategy, with borrowing taken at the most opportune moment.

"This investment will bring huge benefits for our borough and being in the joint venture means we can help lead the development of this prime site.

"Parkside will bring huge benefits in terms of new businesses bringing quality jobs for our residents and will offer supply chain opportunities for our local businesses to take advantage of in the future, which fits in with our aims in our Inclusive Growth Strategy."