Liverpool is a bustling metropolis with a strong economy making it a key business destination in the UK. Throughout history business and progress in Liverpool has been centred around the iconic River Mersey and the growth of the Dock development. Even as far back as the 14th Century evidence suggests medieval Liverpool began around the River with fishermen and trade.
The history of trade and business in Liverpool
Liverpool found its feet as a trade port importing animal skins from Ireland and exporting iron and wool. Still a relatively small settlement during this time, it was in the late 17th Century when Liverpool began to see rapid expansion and trade across the Atlantic increased with the growth of English colonies in North America. Liverpool was geographically well placed to trade with the new colonies as well as the West Indies and Africa. Liverpool became a key cog in the infamous triangular trade transporting tobacco, sugar and slaves and with this soon became one of the fastest growing cities in the world.
Liverpool Dock Development
The first commercial dock development in Liverpool was built in 1715 and was known as Thomas Steers’ dock. More Docks followed and with the growth of the Lancashire cotton industry, the industrial revolution and Manchester ship canal, Liverpool became Britain’s largest port city outside of London and by the end 19th Century and was one of the richest cities in the world. This then led to more development and investment within the city and saw the construction of iconic Liverpudlian buildings such as the Congregational Church, the Neoclassical St Georges Hall and Lime Street Station which linked Liverpool to neighbouring city; Manchester.
In 1846 the famous Albert Dock opened in Liverpool. This advancement changed the way Docks worked in Liverpool forever. With secure, fireproof warehouses, hydraulic cranes, and spacious waters, traders could unload ships and do deals much quicker and before their import taxes were due. Business in Liverpool boomed and wealth in city grew. The White Star Line and Cunard Line had headquarters here and operated cruise ships travelling all over the world. Liverpool became a melting pot of world cultures.
During the war Liverpool Docks were a hive of activity and imperative in the building and homing of warships, submarines and merchant ships, as well as their precious cargo. Unfortunately this also meant Liverpool was a target from enemy bombs and the city suffered several attacks causing substantial damage and loss of life. Post-war, the surviving Docks and buildings were awarded Grade I listed status but unfortunately as ships and sea containers grew in size containerisation moved away from Liverpool and the whole Albert Dock complex was eventually left unloved and abandoned.
The regeneration of Liverpool Docks
After standing abandoned for over a decade, in 1981 the Merseyside Development Corporation (MDC) invested in reclaiming and regenerating the Albert Dock with the aim to make it the prime visitor destination is it today. It became home to Merseyside Maritime Museum, the International Slavery Museum and Tate Liverpool. In 1988 the Dock was given Royal recognition and officially became known ‘The Royal Albert Dock’. The Docks are now a tourist destination in their own right and welcome over six million visitors each year with a whole host of museums, popular restaurants, cocktail bars, serviced apartments and bustling entertainment venues dotted around the area it is easy to see why. In 2008 Liverpool was awarded the European Capital of Culture which gave Liverpool much needed recognition and led to financial gains.
The future of Liverpool Docks
As Liverpool businesses moved away from shipping and trade, manufacturing, public administration, health, education and services began to become a bigger part of the Liverpool economy. Office spaces are now prime real estate in the area and many old dock buildings are now being transformed into modern offices for businesses in Liverpool. The Princes Dock area has already seen a huge transformation into grade one office space, welcoming large employers such as PricewaterhouseCoopers, RBS and Coutts Bank.
More development and investment is planned for Liverpool over the coming years. Liverpool Waters is an ongoing project which will see £5.5 billion of investment to utilize 60 hectares of the waterfront district into a ‘multi-use destination' inviting business, residential and leisure facilities. The project will see several old docks transformed into modern real-estate. Work is currently underway for a new Isle of Man ferry terminal, and plans are in place for building a £50 million cruise liner terminal which will enable even the largest cruise ships to Dock in the area and is estimated to create around 500 new jobs.
One of the biggest expansions in the area will see Bramley Moore Dock converted into the new £300 million home stadium for Everton Football club which aims to open in 2024. This will also attract a range of new amenities in the area such as restaurants, entertainment facilities, housing developments and accommodation.
As part of the Northern Powerhouse, it is an exciting time for businesses in Liverpool. Substantial plans for progress are scheduled over the coming years and employment growth is forecast. The city skyline is set to change as more construction is proposed, and the waterfront area will be brought back to its former glory and become a hive of activity once again.
If you are planning a trip or relocating to Liverpool, check the wide range of serviced apartments in Liverpool from SilverDoor Apartments. You may also be interested in why business is Booming in Liverpool? and the best corporate serviced apartments in Liverpool.
