Property group highlights lasting legacy of Liverpool One

Christmas at Liverpool One

Property giant Grosvenor has revealed the extent of the economic generation its Liverpool One scheme has delivered for Liverpool.

It said in the 10 years since the £1bn retail development opened it has:

  • Contributed £3.3bn in total gross value added, with more than half this total as wages for local residents
  • Delivered £1.20 of every £100 generated in the Liverpool City Region (LCR) GVA, accounting for 3% of all GVA in the LCR
  • Contributed £1.6bn to the UK Exchequer
  • Delivered an average of 4,700 jobs for LCR residents
  • Helped Liverpool’s retail output expand at more than 10-times the national rate, between 2007-2013

Further analysis by Grosvenor Europe, the developer, co-owner and asset manager of Liverpool One, has revealed that the site has welcomed 301 retailers and restaurants, totalling almost 2.3 million sq ft (including repeat lettings), an area 323-times the size of the football pitch at Anfield.

This includes 84 international brands, as well as 36 that were firsts for the North West upon signing.

Correspondingly, footfall and sales in Liverpool One have increased by 53% and 110%, respectively, in the past 10 years.

As well as its contributions to the local economy, Grosvenor has donated £2m to the community via the Liverpool One Foundation, an enterprise set up before Liverpool One opened to provide support to community projects across the city region.

The Foundation has directly assisted 339 community and voluntary projects and an estimated 380,000 people, the equivalent of one-in-six of the Liverpool City Region’s population.

This is in addition to a £2m endowment that has built up over the same period.

Miles Dunnett, director, portfolio management, Grosvenor Europe, said: “From the outset, our goals for Liverpool One were to reinvigorate Liverpool’s retail and leisure offer, create a connected mixed-use destination that local residents could be proud of and, overall, to deliver lasting commercial and social benefits to the Liverpool City Region.

“We recognise that Liverpool One wasn’t just about property investment, but also the economic and social turnaround for the city.

“Our commitment and determination to deliver this promise has exceeded all expectations and we are extremely proud to have helped achieve great things for Liverpool over the past 10 years.”

He added: “Our focus moving forward is to leave a lasting legacy for the city and are continuing with our long-term investment in Liverpool One.”

Liverpool One has also played a key role in the 66% increase in the Liverpool City Region’s visitor economy, the value of which has risen from £2.73bn to £4.53bn, equivalent to an average growth of around 6.5% per annum.

The number of visitors to the city increased from 52.3m in 2009, to 64.2m, in total, by 2017, resulting in Liverpool ranking in the top five retail destinations in the UK.

Steve Rotheram, Metro Mayor of the Liverpool City Region, said: “Liverpool City Region has many reasons to celebrate the last 10 years, not least of which is Liverpool One.

“It has transformed the city centre of Liverpool, making it the envy of many across the UK and overseas.

“Together with the outstanding work that has been done to reinvigorate the city’s rich cultural heritage, boost tourism, and drive inclusive growth in the local economy, we can all be proud of what has been achieved for Liverpool City Region in the last decade and look forward to what the future holds.”

Liverpool One’s success has also been recognised internationally, with the destination winning more than 60 awards since 2008, including being shortlisted for the prestigious Stirling Prize and awarded a Global Real Estate Sustainability Benchmark 5-star rating.

The Grosvenor Group has a portfolio of property in more than 60 cities around the world and says Liverpool One is an exemplar of the positive outcome that Grosvenor’s long-term commitment and active management can deliver to a city.

As of December 31, 2017, Grosvenor Europe managed £2.4bn of assets, including a number of active residential development projects in Madrid, Skärholmen Centrum shopping centre in Stockholm, Sweden and Liverpool One.