Over £5 billion has been poured into major regeneration projects since 2000, such as creating a new business district and waterfront, housing developments, and improvements to public spaces.
The long-term plan is for Liverpool to become one of the most vibrant cities in the UK. In addition to major investments from public and private sources, new jobs have been created and existing businesses have flourished. This has resulted in more opportunities, better access to housing, and various new leisure activities.
The impact on the housing market has been notable with Liverpool topping the Zoopla house price growth index for February 2022. Indeed the average house price in Liverpool is now £155,300 having risen by 8.7% in the year to October 2022. The combination of rapid growth with what is still an exceptionally affordable price for prime city property in the UK continues to attract both investors and those wishing the make the city their home.
The city has also seen a transformation in its cultural landscape. New galleries, theatres and museums have opened as part of the regeneration project, while existing attractions such as Albert Dock and the Cavern Club have been restored. The city is now home to some of the best music, theatre, and art venues in the UK.
Some notable regeneration projects have included:
The Knowledge Quarter
A £1 billion project designed to create a world-leading research and development hub in the city. KQ Liverpool is home to some of the world’s most influential players in science, health, technology, culture and education.
Liverpool Waters
A plan to transform the city’s dockland area into a world-class destination for business, leisure, and residential use. Extending to over 2km along the banks of the River Mersey, this £5 billion scheme has outlined planning permission for 20 million sq. ft of mixed-use development floor space across 60 hectares.
Liverpool One
One of Europe’s largest city centre regeneration schemes, covering 42-acres and boasting over 170 stores, restaurants, bars and cafes. The £1 billion redevelopment project includes the reopening of Chavasse Park and Paradise Street.
With more private sector investment due to flow into Liverpool in the coming years, the city is set to become an even more attractive place to live, work, and visit. The regeneration projects have created a truly unique atmosphere that celebrates its past while embracing the future—and it’s not finished by a long stretch.
The success of the regeneration schemes in Liverpool has been a powerful example of how investment in infrastructure and culture can lead to a thriving city. The projects have had a profound impact on the local economy, creating thousands of jobs and boosting the city’s reputation across the UK and beyond.
As more major regeneration schemes are announced in Liverpool, it is clear that this is only the beginning of its journey towards becoming one of the most dynamic cities in the world.
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