Office Space for Sale as Liverpool Council Looks to Future
In an attempt to secure major investment and encourage developers to get building, Liverpool Council has announced that it will sell 20 sites across the city, including a substantial amount of office space, in order to free-up resources and raise the status of the City.
With ΓÇ£land bankingΓÇ¥ (the practice of purchasing land and allowing it to remain idle and unused until its value increases and it can then be sold for profit) highlighted as a problem for the city, the Council has revealed that those purchasing the offices and other property being offered by the Council will have to begin development of the sites within 3 years ΓÇô a move designed to kick start regeneration and deliver real change to the city.
Reported in the Liverpool Post, Council leaders believe the scheme will deliver ΓÇ£big opportunitiesΓÇ¥ and bring a halt to the speculators that they believe are holding the City ΓÇ£to ransomΓÇ¥.
In addition to their plan to encourage development, the council plan to use the funds raised from these sales to support services and other major projects across the city that may otherwise be unable to continue in the wake of government cut-backs.
The delivery of new developments and the need for investment into Liverpool has raised its head in the press on several occasions during the last few months. One of the most noticeable of these occasions focused on Mike Stares, the Director of Rumford Investments who own the highly successful 20 Chapel Street office building in Liverpool City Centre.
As reported early this month, Mr Stares, whose offices have attracted the likes of Liverpool FC and Barclays Bank, believes that continuing to attract investment and active developersΓÇô particularly those who would look to tackle LiverpoolΓÇÖs diminishing supply of Grade A Office Space ΓÇô is essential if the city is to continue competing as a first class business destination with the likes of nearby Central Manchester and the high profile Salford Quays development.