The government has signalled its intention to fund a new bridge over the Mersey, helping to boost growth on Merseyside. Prime Minister David Cameron made the pledge on a visit to the North West where he also promoted the Mersey Gateway Project and the new Enterprise Zone at Halton.
Cameron said: “The Mersey crossing is going ahead.” The bridge was given initial funding approval by Chancellor of the Exchequer George Osborne in December 2010. The government’s contribution will be £260 million, making it the largest local transport scheme in the UK.
This is a favourable backdrop for the sale of the 12,077 sq.metres (130,000 sq.ft.) 1 St Paul’s Square in Liverpool by SIGMA Property Investment on behalf of investors. The asking price is £35 million to give a yield of 7%. It has a blue chip occupier in the law firm Hill Dickinson with 11 years remaining on the lease. Given the shortage of prime investment properties in London, it might attract a foreign buyer.
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