£100m Liverpool shopping centre redevelopment axed
PROPERTY group Land Securities has revealed that it is to dump its £100m development plans for the St John’s shopping centre in Liverpool.
The UK’s biggest landlord, which yesterday announced a return to the black with pre-tax profits of £1.07bn for the year to the end of March (2009: £4.77bn loss), said the “challenging environment” faced by retailers would not support the creation of additional 120,000 sq ft of retail space in Liverpool.
The scheme would have included a facelift the exterior of the building, along with the creation of a new market hall and an extension to the Williamson Square building.
Work was to have begun this year for scheduled completion in 2012, but plans were put on hold in early 2009.
Now, the company has said such a scheme would no longer be profitable and that it will instead make smaller improvements to both shopping centres.
The company said the decision will allow it to focus on delivering “more appropriate and immediate” investment in both St John’s and the adjacent Clayton Square shopping centres.
James Larmuth, portfolio manager for Land Securities, said: “With Liverpool unlikely to be able to support our original proposal we will begin discussions with the Liverpool City Council and our retailers, including the popular market, to look at what improvements we can make in both centres and how quickly we can deliver this investment.
“We recognise that St John’s is a key element in Liverpool’s retail line up, offering an essential and complementary offer to the multiple high street retailer and more high end offer found at Liverpool One and the Met Quarter. So it is important that we continue to invest in the St John’s centre and the surrounding area.”
Build by the developer in 1969, St John’s is the largest covered shopping centre in Liverpool city centre with 360,000 sq ft of retail space. It houses more than 100 retailers with a fo9otfall of more than 12.5 million a year.
Clayton Square, adjacent to the St John’s Shopping Centre, has 180,000 sq ft of retail space, with 34 units.
