Invest to earn will help grow city

Cityscape - two cathedrals

Liverpool City Council is proposing a new deal with a private developer which could bring the HMRC building on Queens Dock back into use – and provide the catalyst to bring in vital funds for the city.

The city council is in talks with Glenbrook Property Limited, over the city providing loan finance to the developer to convert the building – which has been empty since last year – into residential properties for private let.

If approved, the deal would breathe new life into the building and contribute to the on-going regeneration of Kings Waterfront, including the delivery of the new Exhibition Centre and Hotel on the adjoining site

It forms part of the council’s new approach to investment in difficult economic times, helping generate vital funds which can be ploughed back into delivering vital services..

The proposals are subject to legal clearance and will have to be fully risk-assessed and scrutinised by the district auditor before they can be given the go-ahead.

Mayor of Liverpool, Joe Anderson, said: “This is a strategic investment opportunity which has the potential to bring a major waterfront building back into use and deliver much-need new homes. It would also provide continued momentum for the regeneration of the Kings Waterfront, which is being transformed through the delivery of a world class Exhibition Centre and which is set to be further revitalised through the Kings Dock Master Plan.

“At a time of inertia in the economy, it’s vital that we work creatively with the private sector. These proposals are the latest example of how we are seeking to use our borrowing power and target our resources effectively to help kick-start development and invest in assets that bring in new income streams for the Council.

“We will be making sure we receive all the appropriate legal and financial advice to commence the deal so we are satisfied that we are getting value for money and the proposals will also be scrutinised by a council select committee.”