Grosvenor cash move welcome

13 Apr 2007 

FEW, if any, major building projects nowadays are delivered both on time and on budget. One has only to think about the spectacular over-runs on both counts which affected the new Wembley stadium.

In this light, it is not altogether surprising that Grosvenor, the developers behind the Liverpool One shopping complex, has become the latest victim of this phenomenon.

Its race against time to deliver the flagship centre in time for mid-2008 has plunged the company into a deficit of £140m and pushed up the total cost of the project to £1bn.

Even though Grosvenor is not contractually obliged to complete the main phase of Liverpool One until the end of 2008, board members decided the main retail area should be opened in the first half of 2008 to play its part in the city’s European Capital of Culture Year.

Extra construction costs, and unforeseen planning complexities involved in working on the edge of a World Heritage Site, have been blamed for the deficit.

However, as Grosvenor’s Paradise Street project director Rodney Holmes says, Liverpool One is an unprecedented urban regeneration project which will be of lasting benefit to the community.

Everyone is now able to see for themselves what a fantastic addition to the city’s status as a world-class shopping and tourist attraction Liverpool One will be.

From starting with nothing only a few years ago, the development has now reached the stage where teams of shopfitters have already moved into the newly-completed anchor store building that will become the new home of the John Lewis Partnership.

Within a fortnight, the second anchor store, Debenhams, will also be handed over for fitting out.

The fact that Grosvenor is prepared to dig deeper into its own coffers is an indication of its commitment to this massive scheme and, it is hoped, will spur on others to emulate its responsible approach to one of the biggest years in the city’s history. by Liverpool Daily Post

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