Post by Everton News. on Mar 31, 2017 13:16:06 GMT
Everton’s plans for £300m new stadium approved by Liverpool City Council
• Cabinet agrees to SPV for new ground at Bramley Moore Dock • Stadium could be used as part of bid for Commonwealth Games
Everton’s bid to build and finance a new £300m stadium on Bramley Moore dock has taken another step forward after receiving approval from Liverpool city council.
Council plans to create a special purchase vehicle company – to act as guarantor for the loans required to construct the arena on Liverpool’s waterfront – were passed at a cabinet meeting on Friday. Under the agreement the council will provide security for Everton’s loans and receive £4.4m a year from the Premier League club as a security fee.
Mayor Joe Anderson, who helped negotiations between Everton and Bramley Moore’s landowners, Peel Holdings, defending the council’s involvement with a club where the major shareholder, Farhad Moshiri, is a billionaire. He also confirmed the proposed new stadium would form part of Liverpool’s bid to host the 2022 Commonwealth Games.
“We are not funding a billionaire. We are doing a great deal for Liverpool city council,” Anderson said. “I have met Farhad Moshiri several times and he will invest in the football side of things but he wants the club to stand on its own two feet.
“It is a win-win for us as a council. It is a great deal for the council regarding funding but it is important to recognise that it’s going to be a driver for the regeneration of north Liverpool. It’s great for Everton as an institution but for Liverpool city council it brings in £4.4m a year, probably a bit more, and hopefully kick starts the regeneration of north Liverpool.
“We are using our financial strength to securitise the deal and we have securitised ourselves against all eventualities. We are serious about a Commonwealth Games bid and want Everton in their design to look at that and they are doing. We are truly well securitised. I don’t believe Everton will be relegated in the near future but, even if they were, we have the security of season ticket revenue, the TV deal, the value of players and the value of the club.”
Friday’s decision gives Everton the security required to attract funding for their relocation project. The club is also expected to submit a detailed planning application by the end of the year, although Anderson insists there are no time constraints on the Bramley Moore plans other than in the relation to the Commonwealth Games’ bid.
He added: “We are not demanding caveats. With Liverpool we did give the new owners a time limit to assess the situation and decide between a new stand at Anfield or a new stadium on Stanley Park, which was already agreed, because of the uncertainty and because European funding that had to be clawed back. With Everton, it is different. They own the land at Bramley Moore and it’s up to them to put conditions in place that satisfy their shareholders and the club. They are aware of my feelings and I want them to crack on. Hopefully, if we get the chance to host the Commonwealth Games in 2022, the stadium will be in place.
“For the 2026 bid we are expecting a decision in August or September but because of Durban pulling out they need to find a replacement and there should be announcement in the next two months. We are putting forward our bid at the moment. We will hopefully have a stadium on that site and we can have an athletes’ village next door. We have already had conversations about that with Peel. Hopefully the government listens to us.”
The cabinet meeting also approved proposals for a £17m investment in grassroots facilities in the city. Four football ’hubs’, designed to increase the number of all-weather facilities and participants in the game, are to be built with funds provided by the council, the FA, Premier League and Sport England.
Everton’s proposed new stadium at Bramley Moore Dock will provide a £1billion boost to the local economy - and the project has been heralded as a ‘game changer’ for the city of Liverpool.
The construction of the arena, due for completion by 2022, will also create more than 12,000 jobs for local people. And it is estimated that £900m will be added to the region’s economy - even before the stadium is completed.
The figures have been produced by commercial real estate investment firm CBRE, who are working with Everton on their stadium project.
Iain Jenkinson, Senior Director of Planning and Development at CBRE said: “This is a once-in-a-generation opportunity for Liverpool to embrace one of the most significant and unique regenerative investments the city has ever seen.
“The economic contribution to the city of Liverpool through Everton’s new stadium at Bramley Moore Dock, the catalytic effect it will have on surrounding neighbourhoods, and the equally important Goodison legacy project make this a package of projects a game-changer for the city.
“In addition, it will further enhance the city’s international reputation for delivering major transformational projects on such a large scale.” Everton CEO Robert Elstone added: “As well as proving an iconic new home for future generations of Evertonians, our investment in Bramley Moore Dock will bring lasting and substantial benefit to the city of Liverpool.
“Being part of a project that will offer so many transformational opportunities is hugely exciting for a club with a second-to-none commitment to its city and we remain grateful to the commitment of all the parties working so hard to make this a reality.
“The club continues to work hard on plans for a lasting legacy at Goodison Park which will protect the needs of our current neighbours and deliver further regeneration benefits to the local community and the wider city region.”
The Bramley Moore Dock project will match the £1bn boost to the local economy provided by the Liverpool Echo Arena and Exhibition Centre development on the King’s Dock site, which celebrates its 10th anniversary this year, but will support a significantly greater number of jobs - more than 15,000 in total.
The huge financial lift to the city’s economy during the construction phase will see the creation of more than 12,000 jobs for local people, with more than £255m estimated to be spent locally through supply chains and other service costs during the same period. And, once completed, the stadium is set to provide an annual boost to the city of £94m through hotel occupancy, retail and tourist spend.
Everton’s arrival in the north docks region of the city will act as a catalyst for even further regeneration of the area.
The stadium is the key project in a monumental regeneration scheme - a scheme that is set to be one of the largest and most transformational Liverpool has ever seen.
The wider scheme is being supported by Liverpool City Council and Peel Land and Property and includes a housing development consisting of more than 1,650 homes, as well as commercial developments and a retail offering for the local neighbourhood.
The new stadium development is part of a sequence of projects in North Liverpool.
Bramley Moore Dock is part of the Peel Land and Property Liverpool Waters development - a £5.5bn regeneration scheme which stretches along Liverpool’s North Docks and is made up of five neighbourhoods. Plans for the site include two new river terminals - a new cruise liner facility for the city as well as an Isle of Man ferry terminal – and a range of commercial, office and residential developments alongside a waterfront cultural complex.
A new creative district – Ten Streets – has been proposed which will transform the former dockland area adjacent to Liverpool Waters. This creative hub will deliver more than 2,500 jobs over the next decade, with plans for the UK’s first revolving theatre included.
Work on a new dual carriageway has begun and plans for a new £20m road linking the city centre with the waterfront have been approved.
The two new road schemes, alongside a £10m bridge, are designed for freight to travel to and from the new £400m Liverpool2 deep water container terminal to the north of the site.
A new rail link to the Bramley Moore Dock area is also under consideration by Liverpool City Council and the Liverpool City Region Cabinet.
Ian Pollitt, assistant project director at Liverpool Waters, the £5bn waterfront scheme, said: “Everton’s investment in Bramley Moore Dock will play a key role in helping us to deliver Liverpool Waters’ vision in what we anticipate to be an accelerated timescale - whilst truly animating our development proposals. “Everton’s new state-of-the-art stadium will bookend Liverpool Waters’ 60-hectare site perfectly with the existing Princes Dock neighbourhood, which is located at the city-end of the scheme. We’re looking forward to welcoming developers on site in Princes Dock in late 2017, early 2018 to start constructing three new residential schemes.
“The proposed stadium relocation has already helped raise the profile of Liverpool Waters both nationally and internationally and we’re enjoying talking to new and existing investors who see the benefit of creating new opportunities as part of the wider scheme.
“Building a stadium of this calibre as part of Liverpool Waters, alongside the proposed new Cruise Liner facility, Isle of Man ferry terminal and residential and commercial buildings really does help us realise our ambition of creating a waterfront to the world.
“Exciting times are certainly on the horizon for the waterfront and the wider city region and we’re looking forward to working with the team at Everton to make it all happen.”
CBRE estimate that more than £32m of local income will be generated from the housing scheme as part of the new stadium development, delivering an annual return of £1.53m in Council Tax receipts and more than 660 employment opportunities contributing £28m GVA* to the local economy. From a commercial perspective, the Business Rates generated and paid locally from the wider development will see more than £6.8m per annum produced for Liverpool City Council.
Mayor of Liverpool Joe Anderson hailed the proposed development as a ‘game changer’ for the city.
He said: “A new Everton stadium at Bramley Moore Dock would be a huge catalyst for change along the city’s North Liverpool waterfront and these figures show the impact would be felt immediately.
“The Echo Arena and Exhibition Centre has already delivered £1bn to the local economy and the opportunity to have a development in the North Docks delivering a further £1bn - as well as up to 15,000 jobs - makes this project a game changer not just for the club but the city - and it won’t cost council tax payers a penny. “Our partnership with Everton is strong and a lot of hard work by both parties is going on behind the scenes to make this a reality.”
Everton is continuing to engage with key stakeholders over the new stadium project. A document will be released shortly by the club in which Everton’s key principles for the development of a new stadium at Bramley Moore Dock - and an enduring legacy at Goodison Park – will be explained and shared. The club is keen to hear feedback from its fans.
*Gross value added is a productivity metric that measures the contribution to an economy, producer, sector or region. Gross value added provides a monetary value for the amount of goods and services that have been produced, less the cost of all inputs and raw materials that are directly attributable to that production.