English Cities Fund has confidence in Liverpool office space
Posted on 07 Dec 2009 at 06:10 am | Tagged as: Business, Corporate Evangelism, Web Of Real Estate
Although the UK commercial property market is not yet stable, the English Cities Fund has decided to continue their latest redevelopment project at the Liverpool city centre.
The scheme at St. Paul’s square is now entering its third phase and will offer over 110,000 sq ft of office space once completed.
Many people believe that the originally pledged £8.8m from the fund has been the moving factor towards the completion of the project, but fund members claim that they have also posted their own money towards its completion as well.
The funding came from the Northwest European Regional Development Fund and the Northwest Regional Development Agency. The English Cities Fund itself is composed of Legal & General, Muse Developments, and the Homes and Communities Agency.
The scheme is estimated to be completed by May of 2011 with a headline rent starting at £22 per sq ft.
Office Agency Associate Director at DTZ in Liverpool, Chris Lloyd, stated that the timing is right for the development because in two years the scheme may be the only one throughout the North West with large available desk space.
The statement by Lloyd shows that the Liverpool office space rental market may be regaining its confidence.
Also planned in the area is a 228,000 sq ft Pall Mall office development that is valued at £70m and is a joint venture between Desmond Wilson and Ashley Moore. Liverpool also is able to boost a wide availability of Grade A office space.
