Sale cued up for King Edward Triangle
Peel will give Liverpool City Council a one-off payment of £1.5m to remove a restrictive covenant, enabling it to sell the site to an investor for a 1,200-home residential development.
LCC’s cabinet will discuss the matter at its cabinet meeting on Tuesday 19 March.
Cllr Nick Small, Liverpool City Council’s cabinet member for city development, said: “I welcome this report. The release of the covenant unlocks substantial investment and development in a major gateway site of Liverpool city centre, connecting the Commercial District and Liverpool Waters.
“At the same time, the deal will also generate a welcome injection of money for the Council to reinvest in our services. It’s a win-win for everyone and a great example of how we’re working hard to deliver best value for the tax payers of the city.”
Chris Capes, Director of Development for Liverpool Waters, said: “The release of this covenant and sale of the site will be a significant step towards the eventual development of the King Edward Triangle neighbourhood – a pivotal link between Liverpool Waters, the Business District, and the city centre.
“Bringing in other developers and investors to accelerate the regeneration of Liverpool’s northern docklands has always been part of the strategy for the scheme, and we are pleased to see this deal moving forward.
“Working with Liverpool City Council we look forward to delivering much needed new homes and commercial space across the whole of Liverpool Waters for the benefit of the city and the wider region.
“We will be making further announcements in the coming weeks and months.”
As outlined in the report that will go before members, “releasing these covenants will enable the landowner to transfer its freehold interest to a leading UK property investment and development company who will bring forward a new high-rise residential scheme for the site”.
The report said that the investor is a company that has already worked with Peel and the city within Liverpool Waters, described thus:
“The Peel Group and the proposed developer have been key partners with the Council in the regeneration of Liverpool Waters, and have a proven track record of delivery, providing high quality developments, and providing wider community benefits and social value.”
At present, the site houses a well-occupied estate of around 18 light industrial units, housing uses including workshops and a car showroom – the covenants relate to the site’s use for purposes other than general industrial, warehousing and car parking.
Other than those restrictions, the council has no interest in the site. The sale price of £1.5m is based on a 20% share of the uplift in value from the current restricted use to the proposed use.
Should 1,200 homers be developed on the site, that could produce an annual income of £1.5m, in council tax, officers said.
The King Edward Triangle area was tipped in the 2000s as a potential site for a skyscraper, with plans for a 54-sstorey tower being revealed in 2007, ultimately coming to nothing.
Welcome news, it’s too prominent a site to be given over to small industrial units, however the businesses should be encouraged to stay in the city. This is the ideal site for a statement high-rise cluster containing residential,hotels, and hopefully offices.
By Anonymous
More great news for property developers, zero positives for council tax payers who, thank goodness, don’t live in the city centre.
By Anonymous
This good news – the council should be selling off more and more assets that can be developed – ultimately the council will get its money back through council tax and business rates as the level of eco mix active grows
By Stuart wood
“The Peel Group and the proposed developer have been key partners with the Council in the regeneration of Liverpool Waters, and have a proven track record of delivery, providing high quality developments, and providing wider community benefits and social value.”
Moda??
By Anonymous
More good news, it has been an interesting two weeks for Liverpool, is this the “Robinson effect”?
By Liverpolitis
Good news, can’t wait to see the renders. Development needs to keep creeping outwards from the centre.
By Anonymous
Can someone please ask Renaker to buy it and develop the site in to three towers at 35,50 and 70 storeys containing offices, homes and a hotel
By GetItBuilt!
Great news. This should be the site of Liverpool’s tallest tower at 50+ stories. Ensure it is a landmark building. Develop around Gibraltar Row and make this the key gateway from the commercial district to Liverpool Waters.
By Anonymous
Excellent news. Looking forward to seeing the developer break cover. Bring it on.
By More Anonymous than the others
This really is a prime gateway site and I hope that whatever is built there will be of great quality and will show the same radical imagination that was shown when the Royal Liver building on the waterfront was built in the early 1900’s. Hopefully the new building will be seen as a really iconic building and one that clearly belongs to Liverpool and ‘is Liverpool’ in the same way that the Royal Liver Building is. The developers should ‘dare to be different’ and not just build a regular glass and steel box as per seem to dominate many city sky lines. Be daring and be bold!
By Brendan R
Rumour has it we’re about to see the return of a pioneer in the development of most cities skylines
By J
Absolutely brilliant news this, great for the skyline, great for the council, a win win all round.
By Anonymous
Brilliant news and long overdue, this site has been earmarked as a key site for one of the tallest possible buildings in the city so i would like to think it will live upto expectation when revealed. 1200 units would suggest so.
By Anonymous
Great news for Liverpool! Hopefully 4 towers with at least 1 over 50 storeys, love to see a cluster of talls here.
By General Cluster
My guess is Romal Capital
By Abots
Liverpool will look even more amazing with more talls on it’s waterfront .
By Anonymous
A skyscraper may be planned but built is a different matter. This is Liverpool, things move mighty slowly if at all.
By Anonymous
Things seem to be moving in Liverpool, perhaps new political leaders having an effect
By George
this will not be going ahead. A lot of investment has been spent on this industrial estate, millions and using old decrepid pictures to make it look like a good thing is misleading.
By Anonymous
LCC planning will be a nightmare to pass this so 10-20 story’s if that.
By Anonymous
Don’t get too excited LLC planning think they live in Rome
By Anonymous
Robinson knocking heads together! Bungalows consigned to history? Along with anon naysayers? Not before time.
By Roy
This is positive news for our city that hopefully translates into a worthwhile quality development . Its heartening to see such a positive consensus from the comments all wanting this to happen and to act as catalyst , hopefully for the cities gradual move towards positivity especially to investors . Lets hope this also applies to the LCC planners . We can only hope .
By Paul M - Woolton
@10:36 Well Peel will own it now so.
By Anonymous
@10:09 am Anonymous
If peel are spending 1.5 to change the use of the site + a reputable developer on board we can be confident it will happen. The businesses don’t own the land although hopefully the best efforts will be made to find suitable sites elsewhere for them.
By Anonymous
So many negative comments, peel aren’t splashing out money if this isn’t nailed on, that’s not how they work. It’ll take an eternity to happen but it will happen.
By Anonymous
Please no BTR, try and build a community.
By Geoff
Great news for the future of Liverpool and better prospects for our children/grandchildren even if the naysayers on here can’t see past midnight.
By Mark
@Geoff 15 March, you can still have communities in rented properties, they’ve done that on the Continent for many a year.
By Anonymous
Great news, lets hope they use as much local talent as possible. Hopefully someone with a bit a creative flair, and not the ones who seem to have no issue throwing up garbage in their own city,
By Dr Ian Buildings
People saying 70 stories plus, we have a 50 story limit in Liverpool, so it won’t be anything over 50 but it better be 50!! Bring it on! My guess is Romal Capital as developer
By Anonymous