Liverpool City Region Combined Authority has agreed to provide £6 million funding, from its Single Investment Fund, for two developments that could create more than 500 jobs.

£5million was approved for a new Digital Innovation Factory on the University of Liverpool’s campus, which will serve as a centre of excellence in virtual reality. Through collaboration between business and academia, the Digital Innovation Factory is forecast to create approximately 400 jobs over a ten-year period, while boosting the city region economy by £44.5 million.

More than £750,000 was also approved for the construction of Project Olympus – a 105,000 square feet distribution and logistics facility on a 1.6 hectare brownfield site within the Atlantic Park Business Park in Sefton. The facility is expected to create 104 jobs and boost the economy by £39 million over a ten year period.

Speaking about the funding, Metro Mayor Steve Rotheram said:

“Our aim as a Combined Authority is to create the conditions for our economy to thrive and benefit everyone in our city region, through the creation of high-quality employment. Devolution gives us the opportunity to deliver real benefits for our residents, which is why we are supporting these schemes which should, collectively, deliver more than 500 jobs and boost our economy by more than £80 million over ten years.”

Professor Ken Badcock, Executive Pro-Vice-Chancellor for Science and Engineering at the University of Liverpool said:

“The new Digital Innovation Factory is a really exciting venture, combining our world-class strengths in computer science, robotics and engineering with state-of-the-art facilities. It will enable us to work even more closely with local industry in sectors where the city region has competitive advantage to increase the commercialisation of research and development activity. This is fundamental to economic prosperity and we know that this facility will have a significant positive impact on the city region.”