A fund which was launched to kick-start regeneration across Merseyside is to invest almost £2.3m into the £5.3m refurbishment of a major industrial and logistics facility at Huyton Business Park in Knowsley.

The former Goodrich aerospace engineering site, which has lain empty since late 2015, will be refurbished into a unit comprising 108,000 sq ft of industrial space and 10,000 sq ft of office space, to be known as Aquila 118.

Owned by UK real estate investment manager Barwood Capital through its 2012 Property Fund, the project will be led by specialist industrial development manager DB Symmetry.

Works will start immediately and are expected to be completed by early 2017.

The Chrysalis Fund, launched in March 2012, supports commercial regeneration activities across the Liverpool city region and has now invested more than £34m into seven commercial development projects, including an £11.5m investment into Liverpool’s new Life Sciences Accelerator and £5.6m to support the redevelopment of the grade two-listed Watson Building on Renshaw Street.

Mark Bousfield, Chrysalis investment manager, said: “In spite of the uncertainty caused by the recent Brexit vote, Chrysalis’ funding is secured for the city region until 2022, and this investment reflects our unswerving commitment to finding and supporting pioneering investment projects that bring regeneration, jobs and prosperity across the region.

“Once the home of tornado jet engine parts, this site has a proud history but also a bright future.

“We are delighted to be working with DB Symmetry and Barwood to bring Aquila 118 to life and deliver an ambitiously repurposed site that caters for a variety of commercial uses.”

DB Symmetry will deliver the project for the Barwood Commercial Property Fund, a closed end real estate fund established in 2012. Barwood Capital, a UK real estate investment manager, is the fund manager.

Joanna Greenslade, managing director at Barwood Capital, said: “It is great to see private equity and public funding coming together to regenerate this extremely well located site and deliver a superb high quality refurbishment.”