High expectations

News

Nadia Elghamry

17 June 2006

Tenant line-up Grosvenor has announced the latest retailers for Liverpool One, but some local agents are underwhelmed. Nadia Elghamry reports

Anticipation can be a terrible thing. In April, Grosvenor announced the eagerly awaited tenant line-up for its £900m retail-led regeneration of Liverpool city centre. The developer promised that the 1.4m sq ft Liverpool One development would revolutionise the city’s retail offering.

At the grand unveiling in London in April, Grosvenor revealed the line-up, stuffed with 17 high-profile national multiples, including Oasis, Superdrug and Game. With 600,000 sq ft now let, the scheme is 55% full, and Grosvenor has secured a fifth of the scheme’s estimated end value.

Yet six years of anticipation has taken its toll. A quick poll of local property professionals shows some are distinctly underwhelmed. “I’d like to have seen a few more names,” says Peter Burke, partner at Mason Owen. “The ones that have been announced are predictable.”

Pointing to New Look and Superdrug, he says: “They already have a presence in the city. HMV will relocate, gaining a presence at one entrance, but Virgin is a surprise as it has a major store in Clayton Square. I don’t think others will follow.” Rod Holmes, Grosvenor’s project director for Liverpool One, maintains that the developer is committed to maximising variety. “We are working to attract regional and local retailers to the scheme, and many of them will be major new additions to Liverpool.”

Meanwhile, plans are also moving forward for Merepark/Ballymore’s 600,000 sq ft retail-led redevelopment of Central Station. Proposals for the £160m Central Village scheme, designed by Woods Bagot, were revised in April after English Heritage objected to its 38-storey tower. This will now be replaced by two towers of 25 and 20 storeys.

Construction of the first phase, fronting on to Bold Street, is now under way and already fully let. The letting campaign for the remainder of the scheme will begin in earnest once planning permission is received, says Richard Peel, director at Merepark. It is due to go before the planning committee within the next month.

Peel says the scheme has received a lot of interest. “We are looking at attracting the Pitcher and Piano-type of operator, but we don’t want to be as wet-led as Concert Square.”

Peel hopes to achieve zone A rents in the region of £90 per sq ft. Offices will be pitched at marketing agencies and architects. “We are now looking for further opportunities to develop around the scheme,” he adds.

Tenant line-up Grosvenor has announced the latest retailers for Liverpool One, but some local agents are underwhelmed. Nadia Elghamry reports Anticipation can be a terrible thing. In April, Grosvenor announced the eagerly awaited tenant line-up for its £900m retail-led regeneration of Liverpool city centre. The developer promised that the 1.4m sq ft Liverpool One development would revolutionise the city’s retail offering. At the grand unveiling in London in April, Grosvenor revealed the line-up, stuffed with 17 high-profile national multiples, including Oasis, Superdrug and Game. With 600,000 sq ft now let, the scheme is 55% full, and Grosvenor has secured a fifth of the scheme’s estimated end value. Yet six years of anticipation has taken its toll. A quick poll of local property professionals shows some are distinctly underwhelmed. “I’d like to have seen a few more names,” says Peter Burke, partner at Mason Owen. “The ones that have been announced are predictable.” Pointing to New Look and Superdrug, he says: “They already have a presence in the city. HMV will relocate, gaining a presence at one entrance, but Virgin is a surprise as it has a major store in Clayton Square. I don’t think others will follow.” Rod Holmes, Grosvenor’s project director for Liverpool One, maintains that the developer is committed to maximising variety. “We are working to attract regional and local retailers to the scheme, and many of them will be major new additions to Liverpool.” Meanwhile, plans are also moving forward for Merepark/Ballymore’s 600,000 sq ft retail-led redevelopment of Central Station. Proposals for the £160m Central Village scheme, designed by Woods Bagot, were revised in April after English Heritage objected to its 38-storey tower. This will now be replaced by two towers of 25 and 20 storeys. Construction of the first phase, fronting on to Bold Street, is now under way and already fully let. The letting campaign for the remainder of the scheme will begin in earnest once planning permission is received, says Richard Peel, director at Merepark. It is due to go before the planning committee within the next month. Peel says the scheme has received a lot of interest. “We are looking at attracting the Pitcher and Piano-type of operator, but we don’t want to be as wet-led as Concert Square.” Peel hopes to achieve zone A rents in the region of £90 per sq ft. Offices will be pitched at marketing agencies and architects. “We are now looking for further opportunities to develop around the scheme,” he adds.