Liverpool Council to purchase Central shopping centre
Liverpool City Council is to buy Liverpool Central Shopping Centre to help accelerate a series of multi-million pound regeneration schemes. The council will be purchasing the lease from Aviva Life & Pensions UK as part of a programme to stimulate the wider redevelopment of the nearby Knowledge Quarter Gateway zone which includes the Circus Liverpool development and from runs Lime Street to Bold Street.
On acquisition of the centre’s 114-year lease the council will simultaneously enter into a 20-year underlease with Liverpool CSC, an affiliate of the Augur Group, which has taken over the previously stalled redevelopment of the Lewis’s building and surrounding plots. Augur will also have an option to purchase the shopping centre from the council after five years.
The underlease for the centre, which contains 21 retail units covering more than 50,000 sq ft, will earn the council £4.3m over the first five years – meaning it will make a profit over the loan repayments to facilitate the purchase.
The shopping centre boasts huge footfall as it doubles as the main entrance to Liverpool Central Station – one of the busiest rail stations in the UK with passenger numbers reaching 16 million per year.
Mayor of Liverpool Joe Anderson said: “The purchase of Central Shopping centre is too good an opportunity to pass up. It enables us to acquire a strategic site in a prime city centre location which we have plans to regenerate and the investment makes a profit for the council to reinvest in our services.
“The beauty of this deal also means that plans for Lime Street, Lewis’s Building, Circus Liverpool and Central Shopping Centre are now all inter-connected. This will all help to underpin the development of the Knowledge Quarter Gateway which is the next major piece in a 10-year plan to regenerate the city centre and finally connect the waterfront to our universities.”