Investment and development in the Baltic Triangle
The Baltic Triangle is an historic port area of Liverpool bordered by Echo Arena, BT Convention Centre, Albert Dock, Liverpool One and Rope Walks. It is the very last city central area ripe for redevelopment and is now experiencing a steady renaissance as investors recognise the benefits on offer. Serious investors will be aware of the very successful Liverpool One, Grosvenor Estates’ £950m retail-led Paradise Street development, which has galvanised confidence in the city property market ever since. The area’s proximity to the city centre, its excellent transport connections and amenities coupled with a unique proposition of land and buildings make the location a true gift for investors. Liverpool Vision is the company behind the Baltic Triangle’s economic development and regeneration as part of its remit to manage the next phase of the city's continued transformation. In developing their objectives, Vision ensure’s each area of the city brings something different to the economy and the needs of the population, it has enhanced the city’s portfolio and overall proposition.
Large and smaller scale developments walk hand-in-hand in the Triangle. Opportunities to invest exist throughout this area. This will be particularly highlighted in the coming months when Beers Timber Yard, strategically situated on Wapping, becomes the subject of its very own master-planning exercise. At some seven acres equidistant from the waterfront and the L1 retail offers, this can be seen as one of the last big sites to get underway, in the city centre.
The Kings Dock Mill development on the former Porter Bros site is an ongoing large-scale project, which now sees a purpose-built 151-room Hampton by Hilton hotel up and running. Managed by LAGP Architects, the project has benefited from Lloyds TSB Corporate Markets and Investec Private Banking financial support. On completion, there will be a mixed usage scheme with space for residential, commercial premises and parking. Phase II, is currently going through the planning stage, and will see much of the same, in terms of hotel, commercial and residential development. It is estimated that Phases I & II will have brought in £70 millions of investment on completion.
Other large-scale developments in the southern side of the Triangle include Blundell Street Works - a former spice mill and Elevator Studios and the Contemporary Urban Centre - two separate organisations housed in a block of 200-year-old warehouses touching Greenland Street, Jamaica Street and Parliament Street . The Blundell Street development, halfway down the Triangle comprises multi-use space for retail and arts including The Orchard restaurant, theatre and cabaret bar. This property investment has now been here for about 10 years. Elevator Studios occupies 90,00sqft of refurbished warehouse space over six floors and four adjacent buildings creating more than 35 standard-sized and 18 full-floor studios for the creative industries. This restored Grade II listed warehouse, derelict before its regeneration is also home to a shop including the UK’s flagship store for Giant bikes and Europe’s largest online music retailer Dolphin.
Their immediate neighbours, the Contemporary Urban Centre have also been refurbished to provide a mixed usage building at a cost of £12m, with some 170,000 sqft at its disposal. As well as studio rentals to commercial companies and arts collectives, there are two cinema auditoriums, conferencing space and meeting rooms, a live music venue, numerous exhibition spaces and three places to eat and drink.The notable presence of creative industry companies trading in the Triangle suggests it’s been adopted as a preferred destination and the scope to continue developing this should be considered.
Award-winning companies already established in the area include digital companies Milky Tea, Splinter and Smiling Wolf and architects Union North, (to name just a few). Indeed, that industry’s trade bible The Edge magazine recently published a 17-page feature about the cluster of digital and developer companies and start-ups based in Liverpool. Other celebrated and loved organisations include internationally acclaimed contemporary arts festival Liverpool Biennial, neighbouring gallery A Foundation, Leaf Café and Bar, The Supper Club, Brouhaha and live music and performance venue, The Picket. Soon, the Women's International Centre for Economic Development (WICED) will open in the Baltic Triangle in a purpose-built 2,000sqm of space in a £5m project managed by Kier. The centre will create a hub for international research on female entrepreneurship and provide enterprise support including space for up to 80 business units to help women start and grow their businesses.