A leading property lawyer at Gregory Abrams Davidson (GAD Commercial) believes the City being stripped of its UNESCO World Heritage status will not dampen investment demand.
Mark Alexander, head of commercial real estate at GAD Commercial, said: “It’s disappointing that Liverpool has been stripped of the UNESCO World Heritage status, but in some ways, it could have stifled the City’s progress.
“I don’t believe that having the World Heritage Status has been responsible for attracting the vast amounts of tourism or inward investment we have seen come in to the City. Arguably it’s been a method of acknowledging the fantastic architectural heritage of Liverpool and the prominence it played as a commercial port when Britain was at the height of its international importance. Still, that heritage doesn’t go with removing a title decided by a group of people that haven’t been to the City since 2012.”
Mr Alexander, who is currently advising clients on development sites in the vicinity of Everton’s planned new stadium at Bramley Moore Dock, added, “The ongoing regeneration of the City, Everton’s new £500 million stadium and Peel’s £5.5 billion development of Liverpool’s North docks will bring in far more economic benefits than the UNESCO World Heritage status.
“If anything, the World Heritage status may have become a barrier to some investors and losing this title could ultimately benefit Liverpool in that we can press ahead with schemes that will attract additional investment, employment opportunities and income for the City.
“People will still come to Liverpool to learn more about how important it was to global commerce and appreciate its stunning architecture regardless of having World Heritage Status. Over the years, approximately £700 million has been invested in protecting the magnificent built environment we have in the City, but hopefully, we will now continue to see an increase in inward investment and demand following this decision.”