LIVERPOOL PARADISE STREET DEVELOPMENT AREA CPO/RCO DECISION

19 May 2004 

The Deputy Prime Minister has approved the Compulsory Purchase and Road Closure Orders that enable Liverpool City Council to acquire properties in the Paradise Street Development Area, so that Grosvenor’s 42 acre redevelopment can go ahead later this year.

The Council will be able to buy freehold and leasehold interests in the area and rights that are needed for the project, using statutory rules for valuation and compensation.  No-one will be any worse off than they are at present.

Grosvenor is already committed to finance these acquisitions and is working with occupiers to arrange relocations wherever possible.

The decision is the culmination of procedures over the past four years that have involved two long and costly public inquiries.

There is overwhelming support for the PSDA project that will bring huge investment and new business, create over 4000 new jobs and greatly improve the environment and atmosphere in the City Centre.

Thirteen occupiers argued at last year’s Inquiry that the project could go ahead without their properties, but Grosvenor and the City Council explained why this is not possible.  The issues were debated in detail in public in front of an independent Inspector.

The Deputy Prime Minister has confirmed that urgent, comprehensive and co-ordinated redevelopment of a substantial part of the City Centre is the only way in which Liverpool can make-up for lost time and missed opportunities – and make social, environmental, commercial and economic improvements that are long over-due.

Rod Holmes, Grosvenor’s Project Director says “We are already working with those occupiers that are most affected by the project, to find win-win solutions that will enable their businesses and other activities to flourish in the new Liverpool.

“This great City is entering one of the most exciting periods of its history – building on its wonderful heritage for future generations.  We want as many people as possible to get involved in the Paradise Project and enjoy its emergence during the next four years”. Contact information for this Press Release

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