Keeping our investors updated with on the rise areas and news that is specifically of use to property investors is something we like to do. This week the focus is on Liverpool. Liverpool has been in the top 10 property investment cities in the UK for a few years now. Nevertheless there is still much to be gained from the city.
Have you heard of ‘Project Jennifer’ yet? It’s the development scheme on Great Homer Street, better known as Project Jennifer, and it will see the creation of Liverpool’s largest Sainsbury’s supermarket, along with new market facilities, homes, a transport interchange and improved links to Everton Park.
What exactly will Project Jennifer mean to the city?
- A new district centre, replacing the existing, failed, local centre
- Liverpool’s largest food store, Sainsbury’s
- 80,000 sq ft of new shops (small, medium and large units)
- New market facilities, indoor and outdoor are now open
- New homes
- Huge improvements to the local environment
- 900 free car parking spaces and a petrol filling station
- Links to Everton Park where further exciting proposals are being drawn up by Liverpool City Council (Heritage trail and skate park)
Project Jennifer received detailed planning consent from Liverpool City Council last year – a full 10 years after the plan was first conceived.
Developers St. Modwen – who will lead the project in partnership with Liverpool city council – had begun work on site back in November 2014, and once complete will create an estimated 1,000 new jobs.
Councillor Malcolm Kennedy, Liverpool’s cabinet member for regeneration, said:
“Project Jennifer is an important progression for north Liverpool and will regenerate an area in real need of investment and development.
“We are looking forward to seeing this vital scheme delivered, which will make a massive difference to peoples’ lives – breathing new life into the area, providing first-class facilities and creating new jobs.”
Following the plans, Sainsburys is expected to begin development of its store this month, in July of 2015. The official opening is expected to take place during summer 2016 at the same time as the retail units on the eastern side of the scheme are due to open.
The scheme has taken more than a decade to get going after being originally conceived by the council in 2003 to regenerate the area and provide a range of new retail and community facilities. Mainly on hold due to the financial crisis of 2008. Now with situations improving and the city in need of the development more than ever, it is back on track to completion.
New District Centre – up to 1,000 new jobs and investment to create a better Liverpool
The £140 million redevelopment will be anchored by Sainsburys, which will be the largest food store built in Liverpool to date, approx. 110,000 sq ft. It will also see 80,000 sq ft of additional retail units, 80,000 sq ft of employment units, and 480 new homes. The scheme will create a new hub of activity in North Liverpool and will act as a catalyst for the wider redevelopment of that part of the city.
Being part of the general regeneration the new state-of-the-art school, Notre Dame Catholic College also opened in September 2013, which will reside directly opposite the redevelopment.
The new shops are due to open in summer 2016
Out of the 80,000 sq ft of new retail units, the sizes will range from 500 sq ft to 30,000 sq ft, all designed to accommodate the needs of local and national businesses.
With Great Homer Street being within 1.5 miles of Liverpool city centre it benefits from a 10 minute catchment of 200,000 people. The site for the retail development is between the main principal roads – Scotland Road and Great Homer Street – which lead to Liverpool city centre to the south and the suburbs, as well as key commuter towns of Crosby, Ormskirk and Formby to the north. One of the schemes major benefits is having 50% of commuter traffic from the north of the City pass through the site each and every day.
Project Jennifer will bring Liverpool much anticipated regeneration, jobs, and amenities that residents have been longing for since 2003. This huge scheme will no doubt have its success trickle through the city into property prices too. It’s now the best time to be looking at Liverpool for properties that would appreciate from Project Jennifer.