This report seeks approval to enter into a Deed of Novation of Contract in respect of the Wirral Waters Investment Fund Grant Funding Agreement (GFA) dated 23 February 2023, to enable the delivery of Egerton Village, a new high quality mixed-use development to come forward within Wirral Waters.

That the Director of Regeneration and Place, in consultation with the Director of Finance be authorised to approve the novation of the Grant Funding Agreement between the Council and Peel L&P Investments and Property Limited for the Egerton Village project to Starship Regeneration Egerton Village Limited with Peel L&P Holdings (UK) Ltd acting as continuing Guarantor subject to the requirements as summarised in paragraph 5.1 of this report being satisfied.

To enable the Council to enter into a Deed of Novation of Contract in respect of the Wirral Waters Investment Fund Grant Funding Agreement dated 23 February 2023 for the Egerton Village project.

To enable Starship Regeneration Egerton Village Limited to progress the development which will support the priorities of the Wirral Waters Investment Fund (WWIF), Birkenhead 2040 Framework, and the Council Plan.

Other options have been considered and have been discounted. Specifically, if the Council adopts a “do nothing” approach, as the project is reliant on securing funding to meet the identified viability gap, the development is highly unlikely to be progressed without public sector intervention. If the WWIF grant funding agreement is not novated, the project may not proceed at all.