A new audit of regeneration in Liverpool has found that hundreds of millions of pounds worth of projects are active in the city, despite the recession.
Mayor of Liverpool Joe Anderson presented a new report, Regeneration, Investment and Growth’, to the Mayoral Select Committee last night (Thursday 22 November). It outlines the key regeneration activity taking place in the city and shows that Liverpool is beginning to overcome the economic downturn.
Figures show that at the beginning of the year, there were £604 million of projects on-site across the city. £275 million of these have now completed, including the mixed-use Mann Island development, the reconstruction of Edge Lane, Liverpool John Moores University’s new Redmonds building on Clarence Street and major road resurfacing works around Sefton Park. Work continues on the remaining £329 million of projects.
Liverpool has been further boosted by another £461 million of new developments which have started during 2012 – taking the total of ongoing regeneration projects in the city to almost £800 million.
Major schemes on-site include four new hotels, the refurbishment of the Cunard Building, the rebuilding of the Everyman Theatre, the restoration of Liverpool Central Library, three major health schemes and 2,515 new homes, including the £25 million Anfield Village development. Work has also started on American fashion chain Forever 21’s flagship five-storey store in the city centre; while work is underway on United Utilities’ new Waste Treatment Plant at Wellington Dock.
The ongoing work is creating 9,745 construction jobs and 2,432 permanent jobs, supporting the Mayor’s pledge to make Liverpool a preferred choice for investment and job creation.
Mayor Anderson said: “These are encouraging figures and show that, despite the recession, unprecedented Government cuts and financial stagnation across the country, Liverpool is starting to buck the trend.
“It’s vital that regeneration continues in this city and that we do not allow the momentum we have built in recent years to fall away. We are facing significant financial challenges, but we are overcoming that by working innovatively with the private sector and creating a can-do, business friendly culture in this city.
“It’s having a real impact. The continuing confidence in Liverpool is helping attract substantial private sector investment, boosting our economy and creating jobs. There is much more still to do, but there is now clear evidence that we are heading in the right direction and we can have every reason to be optimistic about the future.”
The new figures show that the value of investment in Liverpool city centre in 2012 stands at £299 million and it is estimated that this will grow to £322 million in 2013. This would take the city centre back to pre-recession levels of investment.
Significantly, development outside the city centre is at its highest level ever, with £284 million of schemes projected for completion during 2012.
Liverpool City Council’s Director for Regeneration, Nick Kavanagh, said: “This is great news for Liverpool and a real sign that significant regeneration and growth continues in this city. The scope of activity going on at the moment is really encouraging. We are seeing cranes appearing on our skyline once more, developers are choosing Liverpool as their preferred destination, and new and refurbished homes are springing up in our neighbourhoods.
“Liverpool is open for business as never before. We are making the most of our assets and working creatively with the private sector, and that is a message which is being received loud and clear by investors.”
The ‘Regeneration, Investment and Growth’ report highlights a further £1.6billion of projects which are in the pipeline for the near future, including the £200 million redevelopment of Edge Lane Retail Park; a new £40 million exhibition centre at Kings Dock, a £169 million programme to deliver 12 new schools and major housing schemes at 75 more sites across the city.
Future projects also include the later phases of the £160m Central Village project, the £65m Baltic Triangle scheme and the construction of a third building at Liverpool Science Park, as well as ambitious plans for Kings Dock and the south docks.
These schemes are expected to create over 15,000 construction jobs and over 5,000 new jobs, indicating a continuing confidence in the regeneration of the city.