Plans for a 70,000 square foot office were approved in 2019, but construction has yet to begin
The developer is in talks with potential occupiers over its Â£ 5billion waterfront master plan, but has ruled out any speculative development.
Despite Liverpool’s much-talked-about shortage of Class A office space, Peel L&P said it would resist the temptation to build one of the 3.4m mÂ² sq. ft. of offices approved under the framework approval of the scheme, granted in 2013.
Avison Young’s most recent Big Nine report found that Liverpool had a pipeline of only 160,000 mÂ² feet of new office space in the city center, the lowest figure among the nine UK cities surveyed.
“There is a question mark over the impact of Covid on the office market,” said Liverpool Waters development of Peel L&P director Chris Capes. “A lot of people are waiting to see what the situation is.”
In addition to the consent for more than 3 mÂ² of office space, Peel L&P has full planning consent for a 70,000 mÂ² Feet development at Princes Dock, one of five neighborhoods in the 150-acre Liverpool Waters master plan.
However, the construction of the six-story plan, located on lot A03 next to Moda’s 34-story Lexington Residential Tower, has yet to start – despite Liverpool City Council approval two years ago.
âWe tend not to speculate without a pre-signed tenant on board,â said Phil Jones, project manager for Liverpool Waters.
However, across the Mersey at Peel’s Wirral Waters, the developer is building offices on a speculative basis. In December, contractor GMI Construction began construction of Hythe, a 34,000 square foot office building on Tower Road South in Liverpool.
Despite Peel’s cautious approach to office development at Liverpool Waters, Capes said work was underway behind the scenes to attract the occupants. âWe are working to secure people for these future offices. We very much wish there were offices at Liverpool Waters. ”
At Princes Dock there are approximately 200,000 mÂ² ft of existing office space that Peel owns and manages.
The buildings remain about 97% leased, despite the impact of the pandemic on the office market, according to the company. âThe companies that were here when Covid started are still here now,â Capes said.
Peel, who purchased the 150-acre Liverpool Waters development site from the Mersey Docks and Harbor Company in 2006, commissioned Worthington Owen and Avison Young to act as office agents for the project.
In addition to the offices, the 30-year redevelopment project will include 9,000 housing units, hotels, a new cruise liner terminal and the Isle of Man ferry terminal, which is currently under construction.