£700m Festival Park development in Government investment portfolio

The Government has launched a £2bn property investment portfolio which includes Festival Park, the former site of the 1984 International Garden Festival, in Liverpool.

The portfolio was unveiled by the Department for International Trade at this week’s MIPIM UK event in London, the biggest property showcase in the country.

It is hoped the £2bn-worth of investment opportunities will create thousands of new homes and jobs across the UK, with a range of projects set to benefit the creative, life sciences and retail sectors.

The portfolio comprises a new 12,000-seater stadium in Gateshead, a world-leading stem cell research centre in Edinburgh, new office space for Belfast’s creative sector, as well as a number of opportunities at the Festival Park development in Liverpool which has an estimated development value of £700m.

The former International Festival Gardens site, located next to the River Mersey and three miles from the city centre, was purchased by Liverpool City Council and is part of a masterplan for regeneration.

Once complete, the 90-acre site is set to see up to 2,500 new homes built on the city’s waterfront.

The Government hopes the projects will create jobs, drive prosperity in local communities and have a positive effect on quality of life for people living in the areas impacted.

“It has never been easier to find opportunities for global investment in the UK and these seven projects worth £2bn give investors the opportunity to do just that,” international trade secretary Dr Liam Fox said.

“Not only will these projects promote our vibrant and successful real estate industry, they also create homes and jobs across the country.

“As an international economic department, our message is loud and clear: the UK is open for business, and we can help find the right investment for you.”

Minister for Investment, Graham Stuart, added: “It’s a privilege for me to launch these new schemes, which will provide new homes and jobs for people across the country.”

He claimed the UK was the number one destination in Europe for foreign investment, and promised the Government will continue to “promote opportunities that help people find decent jobs and develop strong communities”.

Some 3,000 property professionals and more than 300 potential investors and financial institutions from around the world attended the trade show this week, which has now been going strong for five years and is one of the largest shows of its kind in the UK.

The portfolio has been assembled by the Department for International Trade’s Capital Investment team.

This team leads the Government’s drive to attract and support international investment into large scale property, regeneration, infrastructure and energy projects across the UK.

The former International Festival Gardens site which opened in 1984 and closed in 1996.

The site has planning consent for 1,308 apartments and 66 town houses, which has until 2022 to expire.

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