This is a guest post written by Cristi Casella. The views expressed in this article are not necessarily shared by Property Moose or DFI Financial Services.
Liverpool Festive Park
A further step up on the national and international stage – that will be the result of the £700m redevelopment named Festival Park Liverpool.
The former Garden Festival site will be utterly transformed if the City Council sets the wheels in motion and approves plans and funds that will go towards working on the former 1984 International Festival Gardens site. This huge project will involve collaboration, a development partner, and Liverpool City Council giving the green light to deliver on a major cultural and leisure destination.
Part of the south Liverpool regeneration, the area would see an undertaking like never before and would include Southern Grasslands zones. The enormous task would make way for what would become a major leisure attraction for the city. The Park would be situated along a mile of waterfront on the edge of one of Liverpool’s riverside suburb where the views are some of the most attractive in the city.
The City Council is pushing ahead with a plan to turn the Otterspool area, which over 30 years ago was redeveloped for the 1984 Garden Festival. The Festival was an international event which took place between May and October in the city and was the first of its kind held in Britain. It attracted 3.8million visitors to Liverpool.
The City Council is actively working on the Festival Park Liverpool proposal with Heritage Great Britain to develop this major leisure attraction.
CGI mock-up image of Festival Park (Image courtesy of Liverpool City Council/Mayor of Liverpool)
The 42-hectare brownfield site is hoped to be turned into what is being dubbed as a ‘cultural garden suburb’ with visitor attractions, 2,500 homes and the possibility of a ferry terminal. All of this work will support the city’s programme of events as part of the tenth-anniversary celebrations as European Capital of Culture (a title Liverpool was granted in 2008).
The creation of the park will mean a huge difference to the city and has the potential to be a massive game changer for Liverpool’s economy. It would have the power and reach to bring in business and property investors of all shapes and sizes covering the commercial and residential property market.
Festival Park Liverpool separated into five sites:
- Dingle Bank – including a new primary school, medical centre and community hub to facilitate the mixed-use housing.
- Jericho Wharf – the social part of the residential area – with hotels, bars, and restaurants
- Jericho Shore – residential apartments, cafes, restaurants, and bars
- Festival Gardens – preservation, maintenance and enhancement of the existing gardens
- The Southern Grasslands – earmarked to become a natural habitat for wildlife along with leisure activities
A mammoth project for the city, it not only includes the economic benefits of job creation, new homes in the area, and work for local and national businesses. It also means vast building work. Something the contracting and fit-out group Willmott Dixon, and Arup is set to carry out. With an estimated £232,000 package of work to undertake site investigation and enable work on the site to prepare the space for development.
The Festival Park project has created an opportunity to form a new ‘cultural garden suburb’ made up of various residential offerings which would make up to 2,500 homes. The aim of this south Liverpool housing space is to shape a community – a community that will create a neighbourhood and form bonds. With those who live in the area having access to high-quality local retail facilities, coffee shops, and restaurants.
As the site is within easy reach of the city centre, it benefits from the excellent public transport links – 15 minutes by car from national motorway networks and 25 minutes from John Lennon Airport. It’s expected that this major project will heighten the interest of those wanting to invest in the Liverpool and Merseyside property market.
Liverpool’s regeneration and investment
As a major large-scale project, Festival Park will have far-reaching economic benefits. This has been proved in the past with other major regeneration developments in the city and is one of the biggest factors driving Liverpool’s rental market.
The city has been on a steady regeneration process over the past three decades and has undergone seismic and significant changes with huge commercial investment in projects. Two good examples of this are the £1-billion retail district Liverpool One and the Baltic Triangle’s Cains Brewery Village – a 1-million-sq-ft, £150-million leisure and retail development. All of this is attractive to investors. And, has also given Liverpool the gumption to push on and surge ahead as a business, cultural, and popular tourism hot spot.
No matter the circumstances, the city keeps on striving. Making more of itself and in turn, making it easier for those in the UK and overseas to see the investment opportunities.