The £1bn regeneration of 42 acres of Liverpool city centre took a major step forward with the opening of its John Lewis and Debenhams anchor stores and the open–air streets that connect the two. Of the million sq ft of space now open, 90 per cent is let.

Another 400,000 sq ft of retail will open in September, along with Liverpool One’s leisure and catering offer and the five-acre park that sits above the 2,500-space car park. According to Grosvenor’s leasing director Neil Barber the retail space is 80 per cent let overall, and the opening of phase one has already sparked renewed retailer interest in the remaining space.

The retail units opening in the first phase are on the family-orientated South John Street, anchored by a 185,000-sq ft Debenhams, and the Western Side of Paradise Street, the development’s urban-fashion district anchored by a 250,000-sq ft John Lewis. Key brands making their debut in the scheme include Inditex’s Pull & Bear young fashion format and American Apparel.

Mark Preston, Grosvenor CEO for Britain & Ireland said the scheme would lift Liverpool back to fifth place in the national hierarchy, after it had sunk as low as 15th: “Liverpool One is reputed to be the largest project of its kind in Europe which in its scale, design and impact is leading the way in urban regeneration,” he said.

Liverpool One’s agents are Cushman & Wakefield, Strutt & Parker, and Tushingham Moore. DTZ advises the Grosvenor Liverpool Fund.

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