Everton’s new stadium will result in £1bn payback for local economy
Everton’s proposed new stadium at Bramley Moore Dock will provide a £1bn boost to the local economy and has been heralded as a “game changer” for the city of Liverpool.
The latest projections of the economic impact of a major new stadium in the north docks area of the city has highlighted the sizeable benefits a new home for Everton at Bramley Moore Dock will provide.
The figures produced by CBRE – which is working with Everton on their stadium project – estimate that a new stadium development will bring a contribution of more than £900m gross value added (GVA) to the region’s economy before the stadium is even completed.
The huge financial lift to the city’s economy during the construction phase will see the creation of more than 12,000 jobs for local people, with more than £255m estimated to be spent locally through supply chains and other service costs during the same period.
And, once completed, the stadium is set to provide an annual GVA to the city of £94m through hotel occupancy, retail and tourist spend across the city.
Everton’s arrival in the north docks region of the city – and GVA more than £1bn – will act as a catalyst for even further regeneration of the area, says CBRE.
The stadium is the key project in a monumental regeneration scheme – a scheme that is set to be one of the largest and most transformational Liverpool has ever seen.
Iain Jenkinson, senior director of planning and dDevelopment at CBRE, said: “This is a once-in-a-generation opportunity for Liverpool to embrace one of the most significant and unique regenerative investments the city has ever seen.
“The economic contribution to the city of Liverpool through Everton’s new stadium at Bramley Moore Dock, the catalytic effect it will have on surrounding neighbourhoods, and the equally important Goodison legacy project make this a package of projects, a game-changer for the city. In addition, it will further enhance the city’s international reputation for delivering major transformational projects on such a large scale.”
The Bramley Moore Dock project will match the £1bn boost to the local economy provided by the Liverpool Echo Arena and Exhibition Centre development on the King’s Dock site but will support a significantly greater number of jobs – more than 15,000 in total, it is believed.
The wider scheme is being supported by Liverpool City Council and Peel Land and Property and includes a housing development consisting of more than 1,650 homes, as well as commercial developments and a synergistic retail offering for the local neighbourhood.
The new stadium development is part of a sequence of projects in North Liverpool. Bramley Moore Dock is part of the Peel Land and Property Liverpool Waters development – a £5.5bn regeneration scheme which stretches along Liverpool’s North Docks and is made up of five neighbourhoods.
Plans for the site include two new river terminals – a new cruise liner facility for the city as well as an Isle of Man ferry terminal – and a range of commercial, office and residential developments alongside a waterfront cultural complex.
A new creative district – Ten Streets – has been proposed which will transform the former dockland area adjacent to Liverpool Waters. This creative hub will deliver more than 2,500 jobs over the next decade, with plans for the UK’s first revolving theatre included.
Work on a new dual carriageway has begun and plans for a new £20m road linking the city centre with the waterfront have been approved.
The two new road schemes, alongside a £10m bridge, are designed for freight to travel to and from the new £400m Liverpool2 deep water container terminal to the north of the site.
A new rail link to the Bramley Moore Dock area is also under consideration by Liverpool City Council and the Liverpool City Region Cabinet.
Ian Pollitt, assistant project director at Liverpool Waters, said: “Everton’s investment in Bramley Moore Dock will play a key role in helping us to deliver Liverpool Waters’ vision in what we anticipate to be an accelerated timescale – whilst truly animating our development proposals.
“Everton’s new state-of-the-art stadium will bookend Liverpool Waters’ 60-hectare site perfectly with the existing Princes Dock neighbourhood, which is located at the city-end of the scheme. We’re looking forward to welcoming developers on site in Princes Dock in late 2017, early 2018 to start constructing three new residential schemes.
“The proposed stadium relocation has already helped raise the profile of Liverpool Waters both nationally and internationally and we’re enjoying talking to new and existing investors who see the benefit of creating new opportunities as part of the wider scheme.
“Building a stadium of this calibre as part of Liverpool Waters, alongside the proposed new Cruise Liner facility, Isle of Man ferry terminal and residential and commercial buildings really does help us realise our ambition of creating a waterfront to the world.
“Exciting times are certainly on the horizon for the waterfront and the wider city region and we’re looking forward to working with the team at Everton to make it all happen.”
CBRE estimate that more than £32m of local income will be generated from the housing scheme as part of the new stadium development, delivering an annual return of £1.53m in Council Tax receipts and more than 660 employment opportunities contributing £28m GVA to the local economy.
From a commercial perspective, the Business Rates generated and paid locally from the wider development will see more than £6.8m per annum produced for Liverpool City Council.
Mayor of Liverpool Joe Anderson hailed the proposed development as a “game changer” for the city.
He said: “A new stadium would be a huge catalyst for change along the city’s North Liverpool waterfront and these figures show the impact would be felt immediately.
“The Echo Arena and Exhibition Centre has already delivered £1bn to the local economy and the opportunity to have a development in the North Docks delivering a further £1bn – as well as up to 15,000 jobs – makes this project a game changer not just for the club but the city – and it won’t cost council tax payers a penny.
“Our partnership with Everton is strong and a lot of hard work by both parties is going on behind the scenes to make this a reality.”
Everton chief executive Robert Elstone said: “As well as proving an iconic new home for future generations of Evertonians, our investment in Bramley Moore Dock will bring lasting and substantial benefit to the city of Liverpool.
“Being part of a project that will offer so many transformational opportunities is hugely exciting for a Club with a second-to-none commitment to its city and we remain grateful to the commitment of all the parties working so hard to make this a reality.”