News

Date

22/01/2004

Developers announce Liverpool's biggest ever office letting

The developers of a new 144,000 sq. ft. city centre office complex have secured the biggest ever office letting in Liverpool's history within just six weeks of starting construction of their landmark City Square development.

The news comes as The Northwest Development Agency (NWDA) announce their £3 million grant for the prestigious development in the heart of Liverpool's commercial quarter, which will be matched by £2.8 million award from the European Objective One programme for Merseyside.

Shepborough Developments (Liverpool) Ltd - a joint venture company between Shepherd Developments and Scarborough Development Group - have entered into an agreement with the Department for Constitutional Affairs to lease 106,000 sq. ft. of the six-storey City Square building for a new Civil and Family Justice Centre. The agreed rent of £16.50 per sq. ft. is also a record for office accommodation in the City.

City Square is being developed by Shepborough in partnership with Liverpool City Council. The project has taken a number of years to bring to fruition and funding support from The North West Development Agency and Objective One has been critical in making the ambitious plans a reality. City Centre Regeneration Company, Liverpool Vision, has also played an important role from the outset, facilitating the public private partnership and in securing the European funding.

Announcing the significant pre-let to the Department for Constitutional Affairs Mark Finlay, Director, Shepborough Developments (Liverpool) Ltd said,

"To have secured the biggest ever office letting in Liverpool's history only a few weeks into construction is a huge vote of confidence for the development and the commercial centre of Liverpool as a whole. City Square demonstrates what the private and public sectors can achieve when working in true partnership. The City Council saw potential for this site and Shepborough brought the vision and the expertise needed to realise the commercial opportunity. This will be a landmark office development of the very highest quality, at the City's commercial heart."

Courts Minister, Chris Leslie, said that at present all civil and criminal business in Liverpool is conducted under one roof at the QEII Law Courts. Physically separating civil and family work, and locating it within the City Square development, will have many benefits for court users.

"Importantly, the creation of a new centre will provide much needed additional courtrooms in an appropriate judicial environment segregated from criminal business.

"Judges and magistrates, who currently deal with family work in a variety of locations around the county, will work from one venue for the first time. This means they can share their specialised knowledge much more easily, resulting in greater continuity and quicker disposal of cases.

"Family hearings now being heard in Birkenhead can return to Liverpool which is more convenient for all parties.

"Significantly, relocating family and civil work will free up much of the Law Courts to deal solely with criminal business."

Welcoming the announcement Cllr Mike Storey, Leader, Liverpool City Council said,

"This development will make a real difference to the city centre and is a stunning example of the transformation which is taking place in the city. It demonstrates that developers recognise that Liverpool is the place to invest in."

Aidan Manley, Area Manager for Merseyside, North West Development Agency was delighted that the Agency's backing had helped bring the project to realisation. He explained,

"I am pleased to be able to provide funding for this important project which will not only increase business confidence in the City Centre, but also act as a catalyst for further regeneration of the area. A workforce which will be employed at this site, approximately 550, will also provide a vital boost to the retail and leisure markets of the City Centre as a whole".

Adding his congratulations to Shepborough and the City Council, Jim Gill, Chief Executive, Liverpool Vision said,

"The creation of a vibrant and successful commercial district in Liverpool City Centre is hugely important to the economic performance of Merseyside as a whole. One of our biggest problems has been the real shortage of modern high quality office accommodation. The City Square development provides exactly what we need; it reflects growing confidence in the city's future and is an event of major economic importance."

In negotiating the agreement with the Department for Constitutional Affairs, DTZ represented the Client and Mason Owen and CB Richard Ellis represented the developers.

City Square will comprise six floors of offices with secure basement car parking and double height reception area leading off Tithebarn Street. Approximately 41,000 sq ft of office accommodation is still available for let. It is expected that construction will be completed by June 2005.

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