Key 2 Loans and More

The English Cities Fund has expressed confidence in the Liverpool office real estate market in spite of the current recession, by continuing to redevelop their current project at the Liverpool city centre. The scheme will offer over 110,000 sq ft of space in the third phase once it is completed.

Originally, £8.8 million from the fund had been posted towards completion of the project, but members added that they have also posted their own money towards ensuring the completion. This has been the main driving force to ensure timely completion in spite of the current recessionary trend in the market.

The largest chunk of funding comes from the Northwest European Regional Development Fund and the Northwest Regional Development Agency, while the English Cities Fund is made up of Legal & General, Muse Developments, and the Homes and Communities Agency, each of whom has a stake in the success of the project. The due date for completion of the project is May 2011, and rentals are expected to start from £22 per sq ft.

According to Chris Lloyd, Office Agency Associate Director at DTZ in Liverpool, it makes sense for the project to be completed as per schedule, as it is likely to be the only large shared office space available in the area, just as the economy turns around in two years’ time. The statement is a reflection of the growing confidence investors and developers alike have in the Liverpool market.

In the same area, another development being planned is a 228,000 sq ft Pall Mall office complex valued at close to £70 million, which is a joint venture between Ashley Moore and Desmond Wilson, apart from a number of other Grade A office spaces.

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