Knowledge Quarter Development Company will be specifically responsible for updating the area’s science and technology facilities and delivering new workspace and lab developments. Tony McDonough reports

Liverpool’s £1bn Knowledge Quarter development (KQ Liverpool) is to be overseen by a new development vehicle as it looks to raise £100m of investment.

The Knowledge Quarter Development Company (KQDC) will be specifically responsible for updating the area’s science and technology facilities and delivering new workspace and lab developments.

Liverpool Mayor Joe Anderson made the announcement at the MIPIM property and investment expo in Cannes where the city has a significant presence.

The special purpose vehicle (SPV) is being created by Liverpool City Council, the University of Liverpool and Liverpool John Moores University, who will each be equal partners. It will operate alongside the current KQ Liverpool strategic board.

Liverpool Science Park, Sensor City and the Accelerator are expected to be among the buildings that could benefit from new investment generated by KQDC, whose partners have identified the need to attract initial investments of £10m rising to £100m as new science and tech buildings are brought forward.

Further details of the company’s structure, objectives and likely future developments will be confirmed in the coming months.

Mayor Anderson said: “In a relatively short space of time, the Knowledge Quarter Mayoral Development Zone has been a huge success for the city and we are fast becoming a global force in science, technology and healthcare, with world-leading academic institutions and new state-of-the-art hospitals on the horizon.”

Professor Dame Janet Beer, vice-chancellor of the University of Liverpool and Chair of KQ Liverpool, added: “This new vision for the continued development of the Knowledge Quarter – a new development company – is a clear statement of confidence and intent from all of the partners.”