Sir Terry Leahy and Lord Heseltine warned today that a diminishing supply of Grade A office space and a weak housing market in Liverpool will hinder the city’s economic recovery.
In their report on the opportunities for growth in Liverpool, Leahy and Heseltine said that there is now no new office space in the pipeline for the commercial district and, overall, a falling supply of Grade A office space.
“This is a major concern and means that, potentially, Liverpool will not be able to capitalise on general economic recovery and its improved reputation as a business location,” the report said.
The pair also found that the supply of housing did not meet demand and that the market is too weak to respond. Leahy and Heseltine challenged the private sector to come up with solutions for vacant housing and a plan to reinvigorate the market in Liverpool.
The report emphasised the Atlantic Gateway as “a well connected economic corridor that would attract greater investment and trade from around the world”, and encouraged the government to offer support for the proposition.
It hailed Peel Holdings’ investment in the region as critical, and encouraged public bodies and national agencies across the Atlantic Gateway region to support new investments by Peel and other companies.
It also found that despite recent investment, such as Liverpool One, the benefits of economic growth had not been felt across all neighbourhoods in the city.
annabel.dixon@estatesgazette.com
