LANDLORDS and developers in Liverpools rundown Islington district are combining to drive forward a £300m makeover for the area.
Firms including Downing and Pencare Properties, along with other investors, have set up the Islington Regeneration Company with the intention of breathing new life into the land behind the cityundefineds TJ Hughes department store.
The transformation of the 25-acre site, which is still in its early planning stages, has the backing of regeneration agency Liverpool Vision. It is hoped the entire project will be funded by the private sector.
Following consultation with local businesses, it has been decided that the best way to proceed would be an extensive redevelopment while retaining the existing businesses and street pattern. Under a five-year plan, thousands of square feet of both commercial and residential space would be created.
A spokesman for Liverpool Vision said: We are keen to bring forward a framework for the regeneration of the Islington area. The process is still at an early stage, but consultation with the local landowners, businesses and residents has been positive.