Commercial District
Liverpool was once one of Britain's, and the world's, great commercial centres. It was a vibrant economic hub, and was home to major shipping, banking, legal and insurance companies that operated across the globe.
During the latter half of the 20th century, the city suffered gradual economic decline. But since the start of the 21st century, its fortunes have significantly turned around. Liverpool Vision sees a new City Centre business district as one of its core aims.
Key to Liverpool's future success is the revival of its commercial economy and district. The city has done well during the national slow-down in commercial letting activity. In recent years, take-up rate in the city has doubled what it was in the whole of the 1990s. Total office take-up in 2005 reached 498,391 square feet. A new record for Liverpool. The city is now one of the largest office markets in the UK.
However, we need to improve the quality and quantity of new office space being built. Liverpool needs a growing supply of modern, flexible, high quality offices. This is so that we can meet the growth needs of current business and attract new blue chip companies here.
In 2002, a study carried out for Liverpool Vision showed that up to 1 million square feet of new grade A office space would be needed in the City Centre over the next ten years. By 2009, we are already well on the way to going over that target, despite the current recession.
The last few years have seen the completion of some major new developments:
- In 2004, Beetham's 101 Old Hall Street scheme was completed. It provided 140,000 square feet of new space and is home to Unisys and the Passport Office;
- Between 2000 and 2004, three new office buildings were completed at Princes Dock. These have now been fully let. 12 Princes Dock, the most recent to be finished now houses a number of large companies;
- In 2003, Bruntwood Estates embarked on a £39million phased refurbishment of The Plaza, the former John Moores Building which they had acquired from the Littlewoods Group. The final phase of the programme was completed in the summer of 2009.
- In Spring 2006, the City Square project in Tithebarn Street was finished. Over 100,000 sq feet had been pre-let in 2004. This was the largest office letting in Liverpool's history. It also set a new record rental level for office space in the City Centre. It now houses the Department for Constitutional Affairs with the city's Civil and Family Courts. In 2007 the building was sold to investment firm London & Capital for £49million;
- Rumford Investment's £65million Unity/20 Chapel Street development was opened in 2007, achieving a rental figure of £20 per square foot from its first tenant - accountancy firm Ernst & Young;
- The first two phases of English Cities Fund's St Paul's Square were completed in 2008. This office-led project will deliver 350,000 square feet of new space by the time the third phase is completed in 2010/11.
- Grosvenor completed and released 35,000 square feet of new grade A office space as part of its £1billion mixed use Liverpool One development in early 2009.
- Also in 2009, UK Land & Property put the finishing touches to their £15million refurbishment of Walker House at Exchange Flags. They had successfully refurbished Horton House two years earlier. The massive complex is now home to building and law firm Brabners Chaffe Street, Knight Frank, global business services provider Regus, Strategic Back Office Solutions (SBOS), Deloittes and the Ministry of Defence;
- Liverpool Vision and its partners are also promoting a new plan that will greatly expand the core Commercial District and help the City's continuing economic recovery. The plan is to turn a 13 acre brownfield site behind Mercury Court into a new commercial quarter with 1 million square feet of Grade A office space, apartments and a new public square.
For the first time in several decades, Liverpool's office economy will see both huge and sustainable growth. This will help the city to re-establish its status as one of the UK's premier business places.
Further help and advice for businesses:
Liverpool Commercial District Partnership is a new and exciting partnership at the heart of the city. A number of key stakeholders have come together to create a body that strives to improve the trading environment, encourage investment in the area and work with public sector partners to maximise the unique opportunities that the next few years offer to the City of Liverpool. Find out more about the Liverpool Commercial District Partnership.
If you require help and advice about starting a business in Liverpool City Centre, or are seeking the right property to buy or rent for your business, Liverpool Vision has a dedicated team that offer full support.
Contact us
5th Floor, The Capital, 39 Old Hall Street, Liverpool L3 9PP
Tel: +00 44 (0)151 600 2900
Website: www.liverpoolvision.co.uk
Email: info@liverpoolvision.co.uk