Liverpool car park forward-funded
Published: 25 May, 2010
In one of the UK's first car park investment deals Bouwfonds European Real Estate Parking Fund is to forward purchase Merepark and Ballymore's multi-storey car park at their Central Village mixed-use development in Liverpool.
The 459-space car park has already been pre-let to Q Park on a 35-year lease, and Merepark already has £37.1m of construction finance in place. Work will start this summer with completion in June 2011. The car park includes the creation of an enhanced public link between Bold Street and Renshaw Street and is sited at the top end of Bold Street. It will provide additional parking for Bold Street and the Ropewalks as well as the Central Village development.
Central Village will extend Liverpool’s retail and leisure core with a cinema, two new hotels, an apart-hotel, residential apartments and public parking as well as retail outlets, restaurants, bars, cafes, offices and extensive new public spaces.
The development will also see the complete refurbishment of the iconic Lewis’ building and extensive improvement works to Liverpool Central Station. The scheme will be knitted together by four substantial new public spaces, including a new plaza with a boardwalk and spectacular water feature, designed by acclaimed US landscape architect Martha Schwartz.
Danesborough Properties advised Bouwfonds. Savills and Montague Evans advised Merepark/Ballymore.
