The £1bn regeneration of 42 acres of Liverpool city centre took a major step forward with the opening of its John Lewis (250,000 sq ft) and Debenhams (185,00 sq ft) anchor stores and the open-air streets that connect the two - family-orientated South John Street and the Western Side of Paradise Street - the development's urban-fashion district. Of the million sq ft of space now open, 90 per cent is let, including key brands making their debut, such as Inditex's Pull & Bear and American Apparel.

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.

Mark Preston, Grosvenor CEO for Britain & Ireland, said the scheme would lift Liverpool from 15th to fifth place in the national hierarchy."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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