Member Article

Downing driving Liverpool inner-city regeneration scheme

A Downing-backed regeneration plan for the Islington district of Liverpool has been submitted to the city’s planning authorities.

The Islington Regeneration Company, in which Downing is the development partner and has a 50 per cent stake alongside a group of private investors, wants to bring forward two projects.

The scheme at 1-10 Devon Street is a 10-story student accommodation tower, with circa 340-beds and retail space at ground floor. It has a gross development value of £25m.

The existing site largely consists of vacant industrial units. The second project is Gildart Street and will feature 580 beds of student accommodation in three blocks, varying in height from 6-8 storeys, again with retail at ground floor. The project has a gross development value of £35 million.

Both schemes were designed by architects Falconer Chester Hall and will be delivered by the contractor George Downing Construction.

Subject to planning approval, works are expected to commence early in 2015, with the buildings ready for occupation at the start of the academic year in October 2016.

Funding will be provided by equity from the Islington Regeneration Company alongside traditional bank debt. The projects are part of a wider vision for the district, which was once home to Liverpool’s rag trade.

The Islington Regeneration Company’s masterplan could see it bring forward a further five development phases over the next 10 years. The focus of activity is a 20-acre site a short walk from Liverpool’s Lime Street station.

About half of the site is suitable for regeneration. The remainder already has viable business premises and includes the TJ Hughes store in London Road, a key route into the city centre. Islington will also benefit from the £400m plan to rebuild the Royal Liverpool University Hospital nearby.

Paul Houghton, development director at Downing, said: “There have been pockets of regeneration in Islington but the area needs a massive injection of people and vitality.

“We’re excited about our plans, which have been a long time in gestation, and believe our projects will help transform Islington back into a busy city centre hub where people are happy to live, work and study.”

This was posted in Bdaily's Members' News section by Simon Malia .