First phase of £130m Stanley Dock redevelopment finished within a year
The first phase of the £130m redevelopment of Liverpool’s Stanley Dock should be complete within a year.
A four-star hotel is set to be created in the derelict north warehouse.
It will involve renovating the five floors of the building at a cost of £25m.
The 150-bed apart-hotel is the first phase of a £130m project to breathe new life into the Stanley Dock complex, off Regent Road, Vauxhall.
The next phases of the project, being led by Irish developer Harcourt, include renovating the huge Grade II-listed tobacco warehouse and the southern building.
The scheme involves creating apartments, bars, shops and a hotel – similar to the scheme which led to the revival of Albert Dock more than 20 years ago.
Architect Tim Darmody said: “Work should start in the not-too- distant future. The four-star hotel will be very swanky.
“This is the first phase of the entire project and is very positive.”
The north warehouse, which was originally built in 1846, already has planning permission to be converted into a hotel.
The identity of its eventual operator has not yet been revealed.
The new hotel will be financed through the use of Business Premises Renovation Allowance (BPRA), tax relief of 100% for spending on converting or renovating unused business premises in disadvantaged areas.
To qualify for the tax relief, the building must lie within an assisted area, have been unoccupied for at least one year, and be formerly used as an office or for the purposes of a trade or vocation.
The project was given another helping hand last year when it was included in the North Liverpool City Fringe Employment and Investment programme, which won £25m from the government’s Regional Growth Fund.
The BPRA financing was arranged by commercial law firm McClure Naismith.
Partner David Thomson said: “Given that BPRA has been extended to April 2017, we would encourage the property industry to review their portfolios to explore the advantages of using BPRA to create investment opportunities.”
Plans for the renovation of the tobacco warehouse were approved by Liverpool council in December last year.
It will have 335 apartments described as live/work units.
Due to the small space between floors in the warehouse, they will each have a mezzanine floor.
The plans meant Stanley Dock’s long-standing heritage market has had to leave the premises.