Downing looks to kick-start Islington regeneration with £70m plan
Downing will submit plans for the first three phases of a seven-phase plan to create a mix of student and key worker accommodation and retail space
Liverpool property developer Downing is to revive a plan to regenerate the Islington area of the city in an initial investment worth £70m.
In the next few months Downing will submit plans for the first three phases of a seven-phase plan to create a mix of student and key worker accommodation and retail space on the 10-acre site.
The project is part of an expansion by the company which will see it undertake development worth £500m across the UK in 2014.
The Islington scheme will complement the £400m plan to rebuild the Royal Liverpool University Hospital nearby.
The site stretches from the back of the TJ Hughes store in London Road across to Islington, which is a key route into the city centre.
The plans, originally conceived in 2005, were shelved in 2007, when it became difficult to raise finance for the scheme due to worsening credit conditions.
Now Downing is aiming to start building work in 2014.
In an interview with the Liverpool Post, the firm’s founder, George Downing, said: “We have paid down our bank debt at Islington and put the company in a stronger position with no debt.
“We have two local architects who are drawing up schemes which will be mixed-use. The schemes will be student-led.”
The site, which stretches from Moss Street to Norton Street has been in dire need of a facelift for some years.
For businesses already trading in the Islington area, the lack of regeneration was accompanied by worsening economic conditions..
Mr Downing is now confident he can secure funding once the plans are approved.
He added: “Over the last few years it has been hard to plan regeneration and spend money but we now have got our head around what we want to do.
“We will start putting planning applications in in the next few months.
“We have a bit of traction now and we think we can get something going.
“There have been little pockets of regeneration on Islington and all these things help.
“But what we are talking about is a bigger scale and will add gravitas to the area. With scale comes better public realm.
“The more of that you have the better the development is.
“Once we have planning permission we generally find that one of the banks we work with will be forthcoming with the finance.
“We have very strong relationships with them.”
Liverpool City Council’s cabinet member for regeneration, Cllr Malcolm Kennedy, said he couldn’t comment specifically on the plans until they were submitted by Downing.
However, he added that Islington was a key area of the city identified as being in need of regeneration.
Cllr Kennedy said: “We await details of this plan with interest.”
This week Downing also revealed plans to spend £2m on a revamp of its No1 Old Hall Street office building in Liverpool’s business district.
Mr Downing said the property was the latest in its office portfolio to receive an upgrade.
Earlier this year the firm launched its Flexi-Office product, offering small firms “easy in, easy out” terms.
Mr Downing has also hit out at the “grants culture” in Liverpool which has seen state support give to office projects such as St Paul’s Square and 20 Chapel Street.
He claims older buildings like Downing’s Port of Liverpool Building or Merseyside Pension Fund’s Cunard Building were having to compete against subsidised office space.
Downing will submit plans for the first three phases of a seven-phase plan to create a mix of student and key worker accommodation and retail space
Liverpool property developer Downing is to revive a plan to regenerate the Islington area of the city in an initial investment worth £70m.
In the next few months Downing will submit plans for the first three phases of a seven-phase plan to create a mix of student and key worker accommodation and retail space on the 10-acre site.
The project is part of an expansion by the company which will see it undertake development worth £500m across the UK in 2014.
The Islington scheme will complement the £400m plan to rebuild the Royal Liverpool University Hospital nearby.
The site stretches from the back of the TJ Hughes store in London Road across to Islington, which is a key route into the city centre.
The plans, originally conceived in 2005, were shelved in 2007, when it became difficult to raise finance for the scheme due to worsening credit conditions.
Now Downing is aiming to start building work in 2014.
In an interview with the Liverpool Post, the firm’s founder, George Downing, said: “We have paid down our bank debt at Islington and put the company in a stronger position with no debt.
“We have two local architects who are drawing up schemes which will be mixed-use. The schemes will be student-led.”
The site, which stretches from Moss Street to Norton Street has been in dire need of a facelift for some years.
For businesses already trading in the Islington area, the lack of regeneration was accompanied by worsening economic conditions..
Mr Downing is now confident he can secure funding once the plans are approved.
He added: “Over the last few years it has been hard to plan regeneration and spend money but we now have got our head around what we want to do.
“We will start putting planning applications in in the next few months.
“We have a bit of traction now and we think we can get something going.
“There have been little pockets of regeneration on Islington and all these things help.
“But what we are talking about is a bigger scale and will add gravitas to the area. With scale comes better public realm.
“The more of that you have the better the development is.
“Once we have planning permission we generally find that one of the banks we work with will be forthcoming with the finance.
“We have very strong relationships with them.”
Liverpool City Council’s cabinet member for regeneration, Cllr Malcolm Kennedy, said he couldn’t comment specifically on the plans until they were submitted by Downing.
However, he added that Islington was a key area of the city identified as being in need of regeneration.
Cllr Kennedy said: “We await details of this plan with interest.”
This week Downing also revealed plans to spend £2m on a revamp of its No1 Old Hall Street office building in Liverpool’s business district.
Mr Downing said the property was the latest in its office portfolio to receive an upgrade.
Earlier this year the firm launched its Flexi-Office product, offering small firms “easy in, easy out” terms.
Mr Downing has also hit out at the “grants culture” in Liverpool which has seen state support give to office projects such as St Paul’s Square and 20 Chapel Street.
He claims older buildings like Downing’s Port of Liverpool Building or Merseyside Pension Fund’s Cunard Building were having to compete against subsidised office space.