Peel gearing up for international trade centre
THE £3.8m remediation of land at Peel’s proposed International Trade Centre (ITC) at Wirral Waters is nearly complete, paving the way for construction at the site.
However, Peel and its Chinese joint venture partner Sam Wa, are still trying to sign up the tenants that are required to make it a reality.
As well as intensive negotiations in China, Peel has been on investment roadshows in India and South Korea to drum up business.
The intention is for the ITC to attract overseas investors who will go on to fund other projects at Wirral Waters.
The site, at Wirral Waters’ West Float, will be the first development at the £4.5bn regeneration of Birkenhead Docks.
Richard Mawdsley, project director at Peel, said: “We’re working on a tenants strategy and we’re trying to sign up 300.
“We need £28m to make it happen, and it will happen once we get the tenants in place. There’s a lot of work going on in China at the moment, our partner has 15 staff trying to secure tenants.
“It’s difficult because we’re trying to get Chinese companies signed up on UK leases but a lot of work is going on and it’s all moving in the right direction.”
He added: “The Chinese think it is a small project, so we say, ‘invest in the ITC and there will be plenty of other opportunities at Wirral Waters, or the Atlantic Gateway’. It’s a lever to bring in investment.”
Wirral Council leader Phil Davies said: “I’ve been on two delegations to China and there’s an amazing interest from Chinese companies in investing in the ITC.
“China has a policy of encouraging companies to look to Western markets and the ITC has come at the right time. The hope is the automotive park and the ITC will be catalysts for other projects.”
