Prospects of New Office Space Brighten at Liverpool’s St. Paul’s Square
With the English Cities Fund receiving a much-awaited funding by the Northwest Development Agency (NWDA), the third phase of Liverpool’s St. Paul’s Square Commercial scheme is about to begin. The scheme has already undergone the planning and sanctions phases, and with the completion of the third phase, the city will see a 109,000 sq ft of top quality desk space to rent in the city centre area.
With funding coming in, city authorities and well-wishers have heaved a sigh of relief. Property agents had previously predicted that absence of office space would sound the death knell for future investments in the city. However, interested investors will now have a reason to be happy. According to the Liverpool Vision chief executive Jim Gill, the St. Paul’s Square development would fulfil the group’s vision of seeing Liverpool city centre as one of the UK’s leading business destinations.
Developers have finally seen some hope with this funding by the NWDA. The project had been stuck owing to the volatile market conditions. Suspicions regarding the successful completion of the project had begun to spread in trade circles.
A formal declaration of the £3 million grant by NWDA has not been made yet. But a company spokesperson said that the final procedures for the agreement are already underway.
With a whopping £80 million budget, the St. Paul’s Square project is the starting phase of the Commercial Quarter Masterplan for Liverpool’s redevelopment of two of its key locations within the commercial district, namely Old Hall Street and Pall Mall.
