Council acquires key stalled gateway development site in deal worth £10m

Liverpool City Council has acquired a major stalled development site in Liverpool city centre in a deal worth around £10m.

The Great George Street site is a 4.55 acre brownfield plot which sits at the gateway to the City’s historic Chinatown and close to the Baltic Triangle district, next to Liverpool Cathedral.

Its development has been stalled since 2017, subject to a series of complex legal challenges on leaseholds which the City Council has taken action to resolve.

The company that owned the site, The Great George Street Project Limited, entered administration in February 2022.

Since the administration, the City Council has been working with the company’s administrators, Cowgills Limited and Farleys Solicitors, to try and finalise the acquisition.

In a major step forward to unlock development, the council has now succeeded in securing the site under its own unified ownership (as the freeholder of the site), clearing the way for new homes and businesses on this critical site.

Due to the complexity associated with the long leases on the site and the administration of the company, the sale to the council had to be approved by the High Court. High Court approval was obtained on Friday, November 15, and the sale completed just two weeks later on November 29.

The Ministry of Housing, Communities and Local Government (MHCLG) and Liverpool City Region Combined Authority (LCRCA) have supported the council’s approach, with an allocation of £10m funding to complete the purchase and bring forward development options for the site.

The council is now working up proposals for the site that will catalyse regeneration in the wider Chinatown area, building on work being undertaken by the council’s Business Support Service with partner organisations.

Just last week, businesses in Chinatown, as well as potential investors, student entrepreneurs, community representatives and stakeholder groups, came together to share current issues and discuss an action plan to reinvigorate Chinatown’s business, culture, heritage and visitor economy offer.

The Great George Street site is also closely linked to opportunities being realised in the neighbouring Baltic Triangle, where the new Liverpool Baltic Station has secured £96m of funding from the Liverpool City Region Combined Authority, and is due to open in 2027.

Cllr Nick Small, Liverpool City Council’s Cabinet Member for Growth and Economy, said: “The acquisition of the stalled Great George Street development is a hugely significant step in resetting the story of this major gateway site.

“It’s proximity to the Baltic Triangle, which is undergoing huge change with plans afoot to radically upgrade the transport infrastructure there, means the future development of the Great George Street site is of critical importance to the city.

“I’d like to thank Liverpool City Region Combined Authority (LCRCA) and the Government for their support in this process.  I am looking forward to delivering new opportunities, homes and businesses, to create a vibrant and positive future for our historic Chinatown district.”

Steve Rotheram, Mayor of the Liverpool City Region, said: “I’m really pleased to see Liverpool City Council break through the many legal hurdles that have held this important site back for far too long.

“With that cleared, we’re now in a position to crack on with bringing new homes and jobs to the area, creating genuine opportunities for local people. Along with the addition of the new Liverpool Baltic Station, this is undoubtedly one of the most exciting development projects in the country.”

Liverpool City Council granted planning permission in December 2019, to the Great George Street Project.

Proposals included seven buildings, ranging in height from two-storeys to 18-storeys.