Liverpool council received £ 9 million of central Government Grants (2007) in order to be able to developer the Pier Head. The reconstruction has now been completed and the European Commission will soon give approval for the Pier head to be used for International cruise start and end of journey points.
This is an exciting development for Liverpool Tourism which will be propelled forward by the additional income as people spend an increased number of nights in Liverpool before taking their onwards journey.
One of the key initiatives of the Merseyside 2011 economic review is to develop Liverpool as a visitor economy. It is already viewed as a destination of great sporting and musical significance. Boosted by the Capital of Culture Award and significant investment over the past 10 years it is in a prime position for future growth.
The visitor Economy Strategy 2020 targets are;
· To increase Tourism related employment is targeted to grow from 41,000 to 55,500 by 2020
· A top 5 UK destination for short breaks and conferences.
· A top 20 European city to visit.
· A top 50 ICCA conference city.
· An increase in staying visitor nights in Liverpool from an estimated
· 4.1m in 2010 to a target of 5m by 2020, representing a 22% increase, equivalent to an average annual growth rate of 2.2%. 5m nights are the requirement cited in the Destination Management Plan required for Liverpool to be in the top 20 European cities.
· Hotel occupancy always over 70% and increasing to 76% by 2020; a continued growth in room yield;
"With ambitious tourism growth targets and the news of the completion of the Pier Head Cruise Liner Port, investors in Liverpool serviced apartments can benefit from improved visitor numbers and derive high yield rental income from this lucrative market’ says Graham Flaherty of One Touch Property Investment.
“The Long run occupancy on serviced apartments being 5.8 percentage points higher than hotels but with almost double the operating profit margin, serviced apartments clearly offer an attractive alternative to hotels.” Says Adrian Archer, Savills Hotels and Healthcare