Government to sell Liverpool’s £700m Festival Gardens plan to global investors

City’s ‘riverside suburb’ will see the creation of 2,500 new homes, up to 350,000 sq ft of leisure space and a new ferry terminal and is on a £2bn list of UK projects to sell to the world. Tony McDonough reports

Festival Park
Image of proposed £700m Festival Park development in South Liverpool

 

Liverpool’s plan to create a £700m residential and leisure development at the former International Festival Gardens has been included on a £2bn Government list to attract overseas investors to the UK.

Last year the city council unveiled the “riverside suburb” plan on the banks of the Mersey that would include 2,500 new homes, up to 350,000 sq ft of commercial and leisure floor-space and a new ferry terminal.

Earlier this year the council’s cabinet approved a £1m schedule of enabling works on the 90-acre site to pave the way for the scheme.

UK-wide portfolio

Now it is included in a £2bn portfolio of major UK projects, compiled by the Department for International Trade, that will be promoted to potential investors across the world.

The portfolio also includes a 12,000-seater stadium in Gateshead, a world-leading stem cell research centre in Edinburgh and new office space for Belfast’s creative sector.

The Government hopes the projects will create jobs, drive prosperity in local communities and have a positive effect on quality of life for people living in the areas impacted.  

“It has never been easier to find opportunities for global investment in the UK and these seven projects worth £2 billion give investors the opportunity to do just that,” International Trade Secretary Dr Liam Fox said.

“Not only will these projects promote our vibrant and successful real estate industry, they also create homes and jobs across the country. As an international economic department, our message is loud and clear: the UK is open for business, and we can help find the right investment for you.”

Game-changer

Site investigations have already established a remediation strategy on the northern development zone and the council has spoken to established leisure and attraction operator Heritage Great Britain to develop a business case for an attraction.

Mayor of Liverpool Joe Anderson added: “Festival Park Liverpool has the potential to be a huge game-changer for this city’s economy that will have an impact across the North of England.

“There is much work to be done and I’m delighted the government is supporting our search for investors to make this a reality over the coming decade.”

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