Liverpool is at the centre of a population of 1.5 million people that drives a £20 billion economy in the city region. The city is directly served by four motorways. The regional airport, Liverpool John Lennon Airport is within 20 minutes of the city centre, and Manchester International airport, which is the second largest in the UK, is within 45 minutes of the city centre. An extensive sub regional rail network is focused on city centre, with good services to the suburbs.
Known the world over as a great sea port from the halcyon days of shipping, much excess capacity from that activity has been turned into visitor attractions, but new modern port facilities are also being built at the present docks. A great deal of regeneration has transformed the waterfront of Liverpool already, at the Albert Dock and the Pier Head in particular.
Liverpool Retail Property
The Grosvenor retail project, Liverpool One, positions Liverpool as the 5th largest retail centre in the UK. The city offers more than 200 famous high street stores, and cool independent boutiques.
Over the next decade Liverpool will deliver some of the UK’s largest and most ambitious development and infrastructure schemes like Liverpool Waters, Pall Mall, the New Royal Liverpool University Hospital and Bio Campus, Edge Lane Retail Park and the transformation of North Liverpool, which have a development value in excess of £7 billion.
Commercial Areas of Liverpool
- The Baltic Triangle is an historic area of the city centre and comprises numerous 18th and 19th century warehouse buildings close to the developments at Kings Dock, Liverpool One, Ropewalks and the World Heritage site.
- The Cavern Quarter, focus of the many visitors coming to see the home of the Beatles. The Cavern Walks Shopping Centre is mainly occupied by independent fashion retailers but includes Vivienne Westwood, Cricket and Drome.
- The main retail area is dominated by Liverpool One, but backed up by Clayton Square Shopping Centre, MetQuarter, and the St Johns Shopping Centre. Merepark’s long-awaited £120 million Central Village development is in progress, which refurbishes the art-decco former Lewis's store, while creating a mixed use development of shops, hotels, offices, leisure (cinemas, casino, restaurants, bars), and residential apartments.
Leisure and Hospitality Property in Liverpool
A new, state of the art, multi-purpose Arena and Conference Centre Liverpool at Kings Dock was opened in 2008, supported by new hotels including Jury’s Inn and Staybridge. The Museum of Liverpool opened on July 19 2011 in a purpose-built landmark building on Liverpool's waterfront.
Visitors to Liverpool make an important contribution to the local economy, in 2012 1.24 million room nights were sold at an average REVPar of £44.48 over the year, which confirms that the majority of the accommodation in at the budget end of the market. In January 2013 there were 44 hotels with 4,619 rooms available in the City, with a further 300 rooms under construction in 3 new hotels.
The Commercial District, is the location of much of the Grade A office space built in the last decade, at developments like 101 Old Hall Street, City Square, 20 Chapel Street and St. Paul’s Square. The office market in Liverpool is supply constrained, but also is unable to expand capacity while rents are at uneconomically low levels.
Considerable space is also available in The Liverpool Knowledge Quarter, which is home to the University of Liverpool, Liverpool John Moores University Liverpool Science Park, MerseyBio, and the National Oceanographic Laboratory.
Whilst headline city centre rents are £21 psf, with incentives the real cost falls to £15.24psf, which is the lowest in the UK. At these levels it is impossible to build new space profitably, and out of town rents are as low as £11psf.
Liverpool Industrial Property
The industrial space market has an abundant supply with availability in units of all sizes. Headline rents are £4.50psf for better quality space before incentives, which effectively discount a further 25%.
Thinking about the factors that you require carefully before starting a search for commercial property can save you time and effort. You maximum purchase price or rental value will be dictated by the amount the business can comfortably and realistically support, not just in the short term, but perhaps up to five or ten years in the future. These few tips are just a couple of points worth considering, however UKBusinessProperty should be able to help you easily research all the points that can have an impact on a decision to purchase or rent a commercial property.