Gateway Starts

With funding agreed, preliminary work is starting on the Mersey Gateway project that will bring a six lane toll bridge between Runcorn and Widnes. Steve Nicholson of Mersey Gateway said: “The agreement represents the best possible deal for the public purse and means that we can focus on delivering a project that will bring benefits to local people, commuters and businesses across the region.” It comes at a time of increased development activity in the area, epitomised by Peel getting the green light for the £175 million Trade Centre in the Wirral Waters scheme at Birkenhead Docks. Also in Merseyside, Barnfield Centric, a joint venture of Capital & Centric and Barnfield Construction, has started building the 7,618 sq.m. at the Estuary Banks Business Park, Speke, South Liverpool. The scheme has been helped with £2.54 million from the European Regional Development Fund.

The twenty hybrid units can be used for offices, research & development, light industrial and warehouse accommodation and come in a variety of sizes.

'cross the Mersey

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.