Final phase of St Paul’s gets funding fillip
THE final phase of the St Paul’s Square office development in Liverpool has been given a boost with £8.8m public funding.
The investment in the 109,000 sq ft Grade A office development – £4.2m from the Northwest Regional Development Agency and £4.6m from the European Regional Development Fund ERDF – will be given to developers English Cities Fund.
ECF is a public-private joint venture between Muse Developments, Legal & General and the Homes and Communities Agency.
The grant means work on the £41m project can start on site in September with completion due in 2011.
Earlier phases of the St Paul’s Square development, which also received NWDA support, include more than 250,000 sq ft of Grade A offices, along with 50 apartments, a 397 space multi-storey car park and a new public square.
The NWDA said its latest investment will ensure that there is a continuing supply of new Grade A office accommodation in the city centre to offer to prospective occupiers, particularly in the financial and professional services sector.
Steven Broomhead, chief executive of the NWDA, said: “Liverpool has a growing reputation as a vibrant business location, and in order to build on this it is vital that we invest in the provision of Grade A office space and supporting public realm.
“The progression of this project will not only stimulate confidence in the market during the challenging economic climate, but will be an important piece in the jigsaw in securing Liverpool’s position as a prime business destination.”
Darran Lawless, development manager for English Cities Fund, said: “Grant funding is a welcome endorsement of the quality of the scheme and, given the changed market conditions, a necessary final step that will ensure we can complete our original vision.”
Tenants in the first two phases of the development include Halifax Bank of Scotland (HBoS) who moved into No. 5 St Paul’s Square in 2008, the Royal Bank of Scotland, Allied Irish Bank and the law firms Hill Dickinson and DWF.
