£130m start date for large Pier Head project
BUILDING work on a spectacular waterfront development in Liverpool will finally get under way in September after protracted negotiations.
The £130m New World Square project was first mooted three years ago but has been subject to intense scrutiny due to its location at the heart of the city’s World Heritage site.
English Heritage and planners at the city have worked closely with developer Lead Asset Strategies to get the scheme off the drawing board.
The site lies opposite the cruise berth at Princes Dock and is next to the Royal Liver Building.
It is one part of two book- end projects at either end of the Pier Head, the other
being the homes and office development at Mann Island.
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New World Square will include 362 apartments, an eight-storey five-star hotel, health spa, restaurant and commercial office suites.
It will also feature a dramatic rooftop observatory, public piazza and 380 subterranean car parking spaces.
News that the scheme will finally be under way comes just 48 hours after the Daily Post revealed that the 376 apartments at Mann Island have been block-sold in Liverpool’s biggest ever residential deal.
Martin Green, partner at King Sturge and broker of the £70m Mann Island transaction, said: “This is more great news about another fantastic development in Liverpool. It always amazes me just how much negativity there is about the number of apartments being built.
“These top-drawer schemes on the waterfront just demonstrate the great demand for high-quality schemes. The fact that serious developers are interested in investing in Liverpool shows the true state of the market.
“The first day we started marketing Mann Island, we had immediate interest that resulted in a block sale to Dylan Harvey although it took some time to negotiate the final details.
“I expect similar high interest in New World Square when we launch that later in the year. Those two, together with One Park West in the Grosvenor development, make up a triumvirate of unsurpassable waterfront schemes.”
Mann Island consists of three wedge shaped blocks containing offices and apartments. More than half of the apartments have already been reserved.
The two schemes will lie at either end of the Graces on the Pier Head. At the same time, construction work is continuing on the Leeds Liverpool Canal extension project along the waterfront, which is now two thirds complete with the Pier Head section due to be finished in August.
Martin Clarke, regeneration manager for British Waterways, said: “One of the biggest challenges is how closely the scheme integrates with adjacent developments. This is a tough engineering task and requires negotiation between project managers and contractors.”
The Pier Head section will be complete in August, just before New World Square gets under way.
Liverpool Daily Post
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