Around a billion pounds of investment paid off yesterday – as David Bartlett reports

THE opening of the second phase of Liverpool One came to a spectacular end with a firework display last night.

The Princess Royal braved the rain in Liverpool to officially open the £1bn development.

The Duke of Westminster, Britain’s third richest man, whose company Grosvenor is behind the 42-acre scheme, spoke of his pride at building Liverpool One.

Yesterday saw 24 more shops, restaurants and bars open to the public as well as the new revamped five acre Chavasse Park and a 14-screen Odeon cinema.

Grosvenor also announced that 11 brands have committed to take space in the centre, including Tesco, which will have a store in Hanover Street.

It follows the first phase opening at the end of May, since when footfall in the city centre has increased by 33%.

Last night, Liverpool council leader Warren Bradley said it was now vital the city worked hard to consolidate its new economic position.

The Duke started proceedings on the Sugar House steps to Chavasse Park yesterday shortly after noon. He told the crowd: “Four years ago, it was in desperate need of regeneration. It was in part a wasteland between Liverpool’s waterfront and the rest of the city.

He said he was confident Liverpool One would play a vital role in making the city world class once again restoring its place in the premier league of retail destinations.

The Duke admitted there had been challenges in the project, but thanked developers Laing O’Rouke and Balfour Beatty for their work.