Liverpool is currently undergoing a city-wide regeneration project set to boost the local economy. In fact, according to a study done by the Centre for Economics and Business Research (Cebr), Liverpool is expected to see a 0.6% annual growth of GVA by the end of 2024. This boost will increase the size of the economy to £14.4billion, estimated to be the highest in any location in the North-West.
One of the biggest contributors to Liverpool’s growing economy is an increasing trend towards investing into office space, entertainment, expanded retail, brownfield residential developments and more, with Liverpool's employment level expected to increase by 1.7% by the final quarter of 2023.
Delving into the future of what Liverpool will look like, we’ve found the hottest developments that are sure to boost Liverpool’s growing economy from this year onwards.
Unanimously approved by Liverpool City Council’s planning committee, Boxpark is set to transform Liverpool’s Canning Hall into an all-day dining destination at Cains Brewery Village.
The developer’s application is a momentous moment for Boxpark themselves as the Liverpool based venue will be the first outside of London since it opened its doors to Shoreditch in 2011. Renown as the world’s first pop-up shopping and dining destination using shipping containers, Boxpark has now become London’s biggest food, culture and entertainment hub with the local community at its heart.
Boxpark chief executive Simon Champion has commented to say, “we’re very excited to bring jobs, and lots of fun, to the Baltic Triangle which we see an area with great prospects over the next few years”.
In total, the project will span 21,000 sq. ft including 10 kitchen units, three internal bars and a series of food and drink kiosks surrounding the popular central dining area and events space.
Transforming the area around Liverpool FC’s stadium, plans for retail, commercial, residential and leisure spaces are currently in development to be built over the next two years as part of the wider £260 million regeneration of Anfield.
Anfield Retail is set to host nine commercial units totalling 15,200 sq. ft, and has been approved with several potential occupiers already showing keen interest.
Located off Hanover Street in Liverpool ONE, Level Tap is set to open this May as a 6,500 sq. ft video gaming hotspot over two floors which includes a mezzanine area, 100-capacity arena, bar, lounge and dining area.
Securing the fit-out and delivery of the project, Momentum Group co-founder Chris Renshaw has praised the esports concept saying, “Level Tap is at the vanguard, not only in the city but also in the UK, by bringing a dedicated esports venue with food and drink to the high street”.
As the brand’s debut venue, and the first of its kind in the city, it is sure to appeal to the growing population of Liverpool alongside additions such as the Liverpool ONE leisure venue set to include areas for e-karting, bowling, and urban golf.
It can surely be said that Liverpool is becoming an incredibly popular city in the North-West, with vital investment towards regeneration and rejuvenation addressing the needs of the city. While economic boosts are currently in development, now is a fantastic opportunity to think about investing in residential property.
Get in touch with the Elavace sales team today to discover how you can own a part of the next UK property haven.
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