Liverpool ONE: A £960 Million Shopping Centre Development
Liverpool’s iconic landscape has transformed dramatically over the last few decades, and new additions to the skyline are cropping up every year. Liverpool ONE is just one redevelopment project that has graced the presence of the city after launching in 2008. The project is a prime example of the regeneration of Liverpool City Centre, and the £960 million shopping centre development has proved to be a catalyst for future change and economic growth of the Northern city.
Do you want to find out more about the Liverpool ONE redevelopment, what it involved and how this development has helped to grow and expand the economy of Liverpool? We’ve put together this guide as well as a short timeline to highlight the vast changes Liverpool ONE and the surrounding areas have encountered.
A Leading Retail Innovation for Liverpool City Centre
Leading the way for retail innovation, the previously dull and derelict streets of Liverpool City Centre have since been transformed into the now multi-use destination. Paradise Street and South John Street are now home to hundreds of niche retail shops from department stores to designer brands, with the area spanning a total of 148,000 square metres.
Visitors and members of the public can also choose from a selection of bars and roof terraces to help wash down the various cuisine on the restaurant scene. From fine-dining sophistication to casual and on-the-go grub, Liverpool ONE has it all. Currently, the Liverpool ONE retail district sees over 29 million visitors per year. Each summertime it sees thousands of locals congregate around the grass of Chavasse Park which sits adjacent to a line of restaurants. The park regularly holds music events and other exciting activities for the whole family to enjoy. By Christmas, the area transforms into a winter wonderland with an ice rink and market stalls attracting visitors from across the country.
The 42-acre master plan also made room for a multi-screen Odeon cinema, contemporary gyms and fun activities such as adventure gold at the core of this versatile city complex. Since the shopping development is in the centre of the city, it’s also a hotspot for hotels. The Hilton is one of these prestigious hotels that decided to locate within Liverpool ONE’s peripheries and become a symbol of the area’s style and class.
European Retail Hotspot and Residential Zone
The introduction of the development has been great news for businesses as a whole. Liverpool ONE is deemed a leading European retail destination which has provided countless employment opportunities for Liverpool residents. Large companies such as the BBC have radio studies within the complex where smaller, independent shops are also thriving. The development features highly thought of designers and shops such as Oliver Bonas, Apple, Pandora and The Body Shop. Plus, just a short walk away from the urban regeneration zone, you’ll find the newly-improved Baltic Triangle area which boasts its own thriving independent business, office, residential, and drinks scene.
Liverpool ONE is also a hit with residential properties including city apartments. In fact, the L1 postcode has recently been ranked the number one postcode throughout the UK for buy to let rental yields by Totally Money. Liverpool property investment right now is more popular than ever before with investors. The city definitely has the success of the Liverpool ONE development to thank for this. The ongoing regeneration projects throughout Liverpool and the North West as a whole has meant the city is projected to enjoy a property price increase of 24% by 2024 coming out on top in terms of growth. Essentially, the Liverpool ONE development was the catalyst for many other exciting projects to happen throughout the heart of the North.
Liverpool’s Substantial Economic Growth
As the Liverpool ONE shops were opened, transport links were also improved along with the integration of a large bus station that carries thousands of locals and tourists in and out of the city every week. The development is conveniently close to Liverpool’s major train stations including Liverpool Central and Moorfields for local residents travelling by rail. A huge multi-storey car park was also installed as part of the development providing 1,900 car parking spaces for local tenants and those travelling to visit Liverpool for a day of leisure and retail therapy.
The launch of Liverpool ONE created over 5,000 permanent jobs in the city and is responsible for vast economic growth that is visible in trends since its release in 2008. It has not only improved the physical appearance of the area but has changed the way people think about the city as a whole. Liverpool is now regarded as a major city in the North West of England, and after winning European Capital of Culture in 2008, the city has continued to grow and gain attraction across Europe and the rest of the world.
Timeline of the Liverpool ONE development
2004 – Construction work begins on-site for the Liverpool ONE scheme including the excavation of Chavasse Park.
2005 – Gosvenor unveils Liverpool ONE as the new brand for regeneration in Liverpool.
2008 – Liverpool is designated European Capital of culture.
2008 – Liverpool ONE, BT Convention Centre and the M&S Bank Area (previously known as the Echo Arena Liverpool) open doors and start trading.
2009 – The Liverpool ONE project wins a MAPIC-Award.
2012 – Harvey Nichols sign for 20,000 square ft of building in the Liverpool ONE area, their second small-format store in the UK.
2016 – Liverpool ONE foundation is set up.
2017 – Liverpool ONE Foundation team starts to invest in community projects that promote positive mental health among the city’s people.
2018 – Liverpool celebrates 10 years since the city was made Capital of Culture.
2019 – U.S. beauty giant, Morphe, opens in Liverpool ONE – the first of its kind outside of the UK capital, London.
2019 – The Barbie Store Fashion pop up lands in Liverpool ONE for six weeks to celebrate Barbie’s 60th anniversary.