PT Cell

With the sanctioning of third phase funding to English Cities Fund by the Northwest Development Agency (NWDA), it is full steam ahead for Liverpool’s St. Paul’s Square Commercial scheme which aims at providing Liverpool office space to the tune of 109,000 sq ft to the city centre market of Liverpool.

The funding is good news for people who were worried with the warning issued by the property agents that Liverpool may miss the investment opportunities if additional office space and desk space rental was not created for the interested parties.

Liverpool Vision chief executive, Mr Jim Gill said that the aim of the group is to generate commercial opportunities within the city and to that extent St. Paul’s Square development is a positive step in achieving the vision of the group.

The news of funding by the NWDA has provided the developers with some respite as the project was held up due to the terrible market conditions since the time the project was proposed. There was widespread speculation if the project could even be completed in the current economic conditions.

Official statement on provision of £3 million from NWDA is still awaited. However, a representative of the company said that the agreement was being finalized and an announcement would be made soon.

The total cost of St. Paul’s Square project is expected to be in the range of £80 million and would form the initial part of the Commercial Quarter Masterplan, which would entail redevelopment of Old Hall Street and Pall Mall in Liverpool