Peel’s Chinese investment boost

PEEL Group, the developers behind the £10bn plans to transform the Wirral and Liverpool docklands, has confirmed it has struck an outline agreement with Chinese investors for the schemes, collectively known as Peel Waters.

Development director Lindsey Ashworth is in Shanghai, where the company has been a key sponsor of the Liverpool Expo Pavilion.

With Wirral Waters already having won planning permission, plans were submitted last week for Liverpool Waters, an equally ambitious £5bn development which has
Shanghai Tower – the tallest building outside London- at its core.

Peel Group founder John Whittaker has been to Shanghai several times and has previously met with interested parties both there and in the capital Beijing.

These talks have led to the signing of a memoranda of understanding – the first stage of a potential deal which could include private or Chinese government cash.

No money is expected to be paid for either scheme until the planning authorities have given complete approval. Even though Wirral Waters has been backed by the local council, the Government has yet to rubber-stamp the scheme.

A Peel source said: “It is no secret that we have been looking to build links and friendships with Chinese companies and this agreement is one of several.”

Liverpool City Council leader Cllr Joe Anderson is among civic dignitaries in Shanghai for Liverpool Day tomorrow, the culmination of the city’s six-month investment in the World Expo.

Details of a deal to regenerate the city’s Chinatown and to formalise trade and investment links with Shanghai are also expected later today.