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17th January 2008 - Liverpool’s flagship St Paul's Square development has attracted another major blue chip tenant in the form of Bank of Scotland Corporate, part of the HBOS Group, four months ahead of its scheduled completion in May 2008.
The UK banking group has exchanged contracts to occupy 3,600 sq ft on the ground floor and 8,350 sq ft of the first floor of Standard Life Investments’ 5 St Paul’s Square at the heart of Liverpool’s new commercial core. More than 50 staff will be relocating from existing offices in Castle Street and Princes Dock offices to new flagship premises at St. Paul’s Square. The consolidation marks a renewed effort by the bank to win more business in the real estate and commercial sectors.
The deal follows law firm DWF signing a lease to occupy 42,000 sq ft in the same building in what was the city’s largest new build, Grade A letting of 2007. Developer English Cities Fund (ECf) sold the 133,000 sq ft office building to Standard Life Investments’ Pooled Property Pension Fund in May 2007.
Dan Needham, ECf development director, said: “St Paul's Square built up a tremendous momentum in 2007 and this deal is an excellent start to the New Year. Bank of Scotland is a welcome addition to the outstanding calibre of tenants that have chosen to locate themselves at the square.”
Tim Rigg, head of commercial banking for the North West, commented: "We've already experienced exponential growth in our presence within the North West over the past few years but the new premises in the heart of Liverpool's new commercial district will enable us to move up a gear. By bringing together dedicated teams across our full range of services, we are now in a position to respond more effectively to our customers' requirements whilst, at the same time, saving customers thousands of pounds through market-leading rates on our products. This is a fantastic opportunity for Bank of Scotland to start making major inroads into Liverpool and Merseyside's corporate banking market."
Mike Hannigan, investment director at Standard Life Investments added: “This is a very bright start to 2008 and we are delighted that Bank of Scotland has committed to 5 St. Paul’s Square. The pre-let demonstrates that high quality buildings in strong locations such as Liverpool’s commercial district continue to attract the best tenants.”
Martin Wright, Liverpool Vision development director, said “This letting is further evidence of the attractiveness of the city’s Commercial District to the financial services sector. Bank of Scotland is another blue chip tenant attracted by the quality of premises and environment, which have been created by the private and public sector partners working together."
5 St Paul’s Square is the second phase of development at the scheme. Built to the highest standards of design and technology, it will deliver savings in energy costs of in excess of 30% in comparison to other Grade A office buildings, through the use of ground water heating and significant reductions in solar gain. Anchor tenants for the first phase, Hill Dickinson LLP and Allied Irish Bank (UK), have already moved into No 1 St Paul's Square.
On full completion in 2009, St Paul’s Square will be the workplace of some 2,500 people and home to others in 50 residential apartments.
Architects RHWL designed the entire scheme for ECf, which is a joint venture between Muse Developments, English Partnership and Legal & General. ECf has five substantial regeneration projects under development around the UK. St Paul’s Square is the first to be built