£920m dream of Paradise

13 Apr 2005 

THE value of property group Grosvenor's Paradise Street development in Liverpool city centre has soared to £920m.

Chairman, the Duke of Westminster, revealed the increase in the group's annual report today which showed flat profits of £93m for 2004, mainly due to costs ahead of the start of work on the Paradise Street scheme and investment in its international fund management business.

When Grosvenor was selected by Liverpool council as the preferred developer for the Paradise Street retail project in 2000 the scheme's value was estimated at £750m.

That rose to £850m early last year and today's report reveals a further jump in value, which will probably rise to more than £1bn by the time the scheme is completed for 2008.

The Duke said: " I could summarise 2004 in one word - 'Liverpool'.

"While Liverpool is the soccer team which my son supports, what it means to us is the Paradise project; this 42-acre city centre regeneration is the largest development project we have accepted, not just a property challenge but a social and political one as we play our part in the continuing rejuvenation of Liverpool."

He added: "I believe that all those in the huge team that is involved locally and nationally have adopted the important maxim that successful developments must be initiated, inspired and delivered locally.

"Due to the nature and scale of this project we are all pioneering to some extent, but by drawing together local people and the experience of outsiders we believe we are on course to produce a special result.".

A Liverpool council spokesman said: "Paradise Street is one of the success stories not only for this country but Europe. It is one of the biggest developments in Europe and the speed in which it is being delivered is phenomenal."

Grosvenor revealed its property assets rose during 2004 from £2.73bn to £3.2bn. Profits edged up from £91.7m to £93.2m. By Neil Hodgson, Liverpool Echo

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