Liverpool developer ION played a critical role in the city’s economic renaissance with its Queen Square development in 1999 and multiple others since – now it is joining a £64bn global property group. Tony McDonough reports
Iconic is an overused term and not often used to describe a property developer but ION Property Group in Liverpool probably has a fair claim.
In 1999, when any kind of large-scale development in Liverpool might be viewed as foolhardy, ION (then known as Neptune) took on the regeneration of Queen Square, a windswept and semi-derelict part of the city centre.
With the backing of EU Objective One funding, it delivered a 660,000 sq ft development comprising a hotel, restaurants, a bus station and the transformation of the Grade II-listed 2 Queen Square, a Victorian building that was home to ION until 2022.
That development, designed by local architects at Falconer Chester Hall, arguably kick-started the city centre’s economic and urban renaissance and ION went on to deliver a number of other significant schemes in Liverpool, Wirral and beyond.
On Tuesday the company announced it was being acquired by VINCI construction, part of the French VINCI property group which operates across 100 countries and generates annual revenues of around £64bn.
It is the end of an era for the group which has always been privately owned and operated. The value of the deal was not disclosed but the most recent accounts posted on Companies House show ION’s net assets totalling almost £4.7m.
It will see the departure of outgoing shareholders and non-executive directors Peter Hynd and Gavin Douglas. However, managing director Steve Parry, who joined the business in 1999, will remain as will commercial director Ian Hudson.
Peter Hynd said: “ION has delivered many transformational regeneration schemes that have had a positive impact on our towns, cities and communities by delivering high quality urban buildings that have created a sense of place.
“Many of these projects were regarded as ‘too difficult’, but we have delivered consistently, working closely with our public sector partners. This deal with VINCI stands as testament to our legacy of success.”
Since Queen Square ION has added multiple major schemes to its portfolio. They include the £140m Mann Island scheme, the £40m Lime Street redevelopment, new space at Liverpool Science Park and the £60m regeneration of New Brighton waterfront.
Its current flagship project is Borough Yard in Birkenhead. Formerly called Hind Street Urban Village this is a huge development that will eventually see the construction of up to 1,500 new homes, parkland and commercial space.
There are also active projects in Chester, Stafford and Wakefield. As part of the deal VINCI UK Developments will be merged with ION with the combined businesses known as ION Developments, remaining at the current headquarters in the Port of Liverpool Building.
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Steve Parry added: “At a time when local authorities and other public bodies across the UK are exploring new solutions for urban regeneration and the use of their land assets, this is the ideal moment to bring together these two specialist businesses.
“We already have a strong forward pipeline and the new structure will only enhance our capacity to deliver these and other future projects.”