Mystic Toad Press Blog

Though the stability of the UK commercial property market has not been fully attained, the English Cities Fund composed of the Homes and Communities Agency, Legal & General and Muse Developments has announced its willingness to go ahead with its new projects in Liverpool city centre.

The redevelopment project at St. Paul’s Square has already been through the first two phases and has entered the third one, on completion of which it will be able to offer office space of approximately 110,000 sq ft. The project is expected to be completed by mid 2011 and will be rented out as soon as possible for a least £22 per sq ft.

The fund members said that contrary to the general opinion that the project will reach its completion with the originally pledged investments of £8.8m, they have had to pump in extra money on their own to finish the project. The major contributors for the project are the Northwest European Regional Development Fund and the Northwest Regional Development Agency.

According to Chris Lloyd, the Associate Director at Office Agency of DTZ, Liverpool, the project will be completed at the right time as there are no similar projects going on, which will in turn make it the only one in the whole of North West offering such large shared office spaces.

The plans also have in store a Pall Mall office development in 228,000 sq ft area that is to come up with collaboration of Ashley Moore and Desmond Wilson. This £70m project is going to add to the positive trend in office space availability in the area.