Global credit crunch fails to put off skyscraper plan

Jan 9 2008 by Tony McDonough, Liverpool Daily Post

THE global credit crunch and a weakening residential property market have not prevented a Liverpool developer from securing £130m of funding for a spectacular 54-storey skyscraper on Liverpool’s waterfront.

Liverpool-based Y1 Developments and Richmont Properties will begin work on the King Edward Tower scheme in the autumn if Liverpool City Council planners give the go-ahead in the next few weeks.

The developers, who are confident planning approval will be granted at the end of March, confirmed yesterday that despite the global credit crunch, debt funding had now been secured. They declined to say who the funder was but it is believed to be the Bank of Ireland.

A spokesman for Y1 and Richmont told the Daily Post: “We can confirm that funding for the £130m King Edward Tower scheme is in place.

“The application to build the landmark 54 storey tower has now been validated by the city council’s planning department following two years of positive consultation.

“Subject to approval being granted in the first quarter of this year, we plan to commence building works on this world class development in the autumn of Liverpool’s Capital of Culture year.”

The structure will soar 54 storeys and 170 metres into the Merseyside skyline and will comprise 412 apartments, 25,000 sq ft of commercial office space and a combination of 7,500 sq ft retail and leisure space.

The penthouse apartments on the 54th floor will become the highest living spaces in the UK, stealing the title from Manchester’s Beetham Tower which is 48 storeys high.