Liverpool City Council has approved an £11m investment in the Arena and Convention Centre (ACC Liverpool) in Kings Dock. The funding includes £3.1m for the replacement of worn-out items and £7.5m for repairs, service upgrades and new roofing. The work will include upgrades to power supply, air conditioning, heating, sound proofing, drainage, paving, roof membrane, escalators, lifts, and CCTV replacements. Part of the work has already been carried out but there have been substantial rises in cost for materials, labour and inflation since the original estimate in 2019.
The complex has hosted more than 8.3 million visitors and generated £2.1bn in economic impact since its opening in 2008. The ACC Liverpool Group is responsible for the cost of repairs and maintenance since the new lease was agreed last year. The revised budget will be brought before the cabinet for approval on 1 February 2022 and is an additional £5.4 million compared to the previous approved budget of £5.7m in 2021. The Council is funding the cost of the works as it falls under the original lease arrangement.
Councillor Nick Small, Cabinet Member for Growth and Economy, says the complex’s success story has been a boost for the city and they wish to build on its momentum. The additional funds for the completion of the programme are essential to ensure ACC Liverpool can keep delivering top-quality events and conferences. The new lease arrangement provides a stable foundation to enhance the waterfront site’s delivery events and support strategic growth plans for the city.
Under the terms of the new lease, the Council will no longer have to make good any losses made by the company. They will receive commercial rent enhancement for the complex and profit-sharing after the outstanding rent, largely due to Covid-19, has been repaid. The Council will provide a loan for the refurbishment of the Pullman Hotel in 2025/26 as part of its capital programme, to be repaid after rent arrears have been cleared
Read the full article on Liverpool Express here: Read More