A former factory near Liverpool that once made Tornado jet engine parts is to be transformed into a £5.3m industrial and logistics facility. Regeneration specialist The Chrysalis Fund has agreed to invest almost £2.3m into the refurbishment of the site 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 industrial development manager DB Symmetry. Work will start immediately and is expected to be completed by early 2017.

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.