Paraphrenitis Blog

Despite the uncertainties and instability of the UK commercial property market, the Liverpool city centre redevelopment project is going through its completion as scheduled by the English Cities Fund comprising of the Homes and Communities Agency, as well as Legal & General, Muse Developments.

The project located at St. Paul’s square is already in its third phase and is expected to provide for a huge office space spreading over 110,000 sq ft.

Many people seem to think that the original investment in the project i.e. around £8.8m, has kept the project going. However, the reality is that the fund members claim to have added to the funds for completion of the same.

The major funding for the project came from the Northwest Regional Development Agency and the Northwest European Regional Development Fund.

The tentative rents have been decided to begin from £22 per sq ft, and the date for completion of the project is estimated to fall in May of 2011

According to Chris Lloyd, the DTZ Office Agency Associate Director, the project will reach completion at a very right time, as it will be the only one of its kind in whole North West offering such luxurious desk space. The statement has obviously helped Liverpool office market in reconstructing its lost fame and confidence.

The blueprints also indicate towards a Pall Mall office development in the area that will comprise of a 228,000 sq ft space priced at £70m. The Mall, a joint venture between Ashley Moore and Desmond Wilson, is going to add to the present worth of the area in terms of office space.