New Investment Targeted For Liverpools North Gateway
Wednesday, 19 May 2010
Land Securities announced today that it will no longer pursue its extensive development plans for the St John's shopping centre in Liverpool. This will enable a focus on the delivery of more appropriate and immediate investment activity in its two properties located in the North end of the city centre.
The multi-million pound development plans were put on hold in early 2009 in response to the deteriorating economic climate and challenging environment faced by UK retailers which would not have supported the creation of additional 120,000 sq ft of retail space in Liverpool.
James Larmuth, portfolio manager for Land Securities, said of the decision: "Over the last twelve months we have demonstrated the attraction of our centres by drawing new retailers including well known brands such as Aldi and international retailer Clas Ohlson and bringing Mothercare back to Liverpool city centre.
"With Liverpool unlikely to be able to support our original proposal we will begin discussions with the Liverpool City Council and our retailers, including the popular market, to look at what improvements we can make in both centres and how quickly we can deliver this investment.
"We recognise that St John's is a key element in Liverpool's retail line up, offering an essential and complementary offer to the multiple high street retailer and more high end offer found at Liverpool One and the Met Quarter. So it is important that we continue to invest in the St John's centre and the surrounding area."
Land Securities built the St John's centre in 1969 and Clayton Square was bought in 2005. In 2008 Land Securities created a 90m by 13m media wall in time for Liverpool's reign as European City of Culture.
St John's is the largest covered shopping centre in Liverpool City Centre providing 360,000 sq ft of retail space and is home to more than 100 retailers attracting in excess of 12.5 million in footfall each year.
Clayton Square is bounded by Church Street and Parker Street, in the heart of Liverpool and is adjacent to the St Johns Shopping Centre. Clayton Square offers 180,000 sq ft of retail floorspace, accommodating 34 units in a prime city centre location and pulls in more than 8 million visitors each year.