City council set to lift restrictive covenants on land close to Liverpool waterfront to pave the way for a new ‘cluster’ of residential skyscrapers comprising 1,200 apartments. Tony McDonough reports
Councillors on Liverpool City Council’s cabinet are expected this week to agree a £1.5m deal that would lead to a new ‘cluster’ of residential skyscrapers close to the waterfront.
Property giant Peel Group is the owner of the King Edward Triangle light industrial estate adjacent to Princes Dock Liverpool Waters. It is currently home to 18 commercial units, many of which are occupied.
Peel has now agreed a deal to transfer the land to an as yet unnamed property investor and developer to enable them to build a residential tower on the site.
However, despite the fact Peel is the owner of the freehold, the city council currently has restrictive covenants on the site. It is proposed these covenants will be lifted in exchange for a fee of £1.5m to be paid by Peel.
King Edward Triangle has always been part of the long-term Liverpool Waters masterplan and LBN understands the lifting of the covenants paves the way for the construction of multiple towers.
They would comprise 1,200 apartments. To give an idea of potential height, the recently opened Lexington development just yards away in Princes Dock comprises 325 apartments across 38 storeys. It is likely the King Edward buildings would be a similar height.
Councillors will make a decision on the proposal at cabinet on Tuesday, March 19. Officers are recommending the deal be approved.
In the cabinet report they say: “Upon the release of the restrictive covenants, the land is proposed to be sold to a leading UK property investment and development company who will bring forward the development in line with planning permission and as part of the wider Liverpool Waters regeneration scheme.
“The long stop date on this transaction is March 29, 2024, therefore the restrictive covenant needs to be released on or before that date or the sale may not complete.”
Chris Capes, director of development for Liverpool Waters, said: “The release of this covenant and sale of the site will be a significant step towards the eventual development of the King Edward Triangle neighbourhood.
“Bringing in other developers and investors to accelerate the regeneration of Liverpool’s northern docklands has always been part of the strategy for the scheme, and we are pleased to see this deal moving forward.
“Working with Liverpool City Council we look forward to delivering much needed new homes and commercial space across the whole of Liverpool Waters for the benefit of the city and the wider region.
“We will be making further announcements in the coming weeks and months.”
Commercial units currently at King Edward Triangle include low rise light industrial units, workshops, retail warehouses, leisure and hospitality uses and a car showroom.
It is anticipated that the new scheme will deliver around 1,200 residential units generating up to £1.5m a year in extra Council Tax receipts.
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Cllr Nick Small, Liverpool City Council’s Cabinet member for City Development, added: “The release of the covenant unlocks substantial investment and development in a major gateway site of Liverpool city centre, connecting the Commercial District and Liverpool Waters.
“At the same time, the deal will also generate a welcome injection of money for the Council to reinvest in our services. It’s a win-win for everyone and a great example of how we’re working hard to deliver best value for the tax payers of the city.”