Out of hardship though came great opportunity and, following on from the dark days of industrial decline, Liverpool has re-invented itself as a hub for culture, business and investment with largescale inward migration coming into the city from the South of the country and other areas of the North. Young people looking for a place to live which offers opportunity and excitement know that Liverpool is the place to be.
New infrastructure and private property developments are popping up all over the city as a result and offering up large boosts to the economy and investors alike. For instance, four internationally renowned teams of architects and engineers have recently submitted proposals for the design and construction of a new cruise terminal at Liverpool’s dockside. The facility has already delivered a decade of success for the city, winning multiple awards and seeing steady year on year growth in both day call and turnaround business. Official figures reveal the terminal generated £7m for the Liverpool economy last year alone.
Further bolstering its cultural credentials, Liverpool has also announced a unique venue boasting a revolving auditorium. The new music and theatre venue will be the UK’s first-ever Stage-Around Theatre, based on the hugely successful performance space in Amsterdam. The venue will be part of a multi-million pound programme to attract creative businesses to the Ten Streets district which is forecast to create an estimated 2,500 new jobs over the next decade. Ten Streets is part of the city’s big picture regeneration vision that will deliver £11bn worth of investment and create 40,000 new jobs in total over the next decade.
Liverpool City Council has also chosen developers to deliver the £200m redevelopment of Pall Mall Exchange, which will provide up to 400,000 sq. ft. of office space across three buildings. The project is set to quadruple the supply of Grade-A office space within the commercial business district, which in recent times has seen the amount of available space slip below 100,000 sq. ft.
Property prices, rental yields and off-plan property growth have also been one of the economic success stories in the region with all three growing steadily in recent years. Off-plan property investment in particular has seen a large rise in popularity, with UK and overseas investors keen to tap into Liverpool’s booming rental market.
Developments such as X1 The Quarter are redefining the standards of rental accommodation available in Liverpool, and are proving extremely popular with renters. The fifth and final phase of the development, The Tower, is currently in construction, with the previous four phases completed and 100% tenanted. The almost 200 apartments which make up The Tower are close to the city centre and the famous waterfront as well as all local amenities and local transport, offering the best possible lifestyle in this exciting city.
The future is certainly looking bright on Merseyside!