Peel, owners of Mersey Docks and Harbour Company and Liverpool John Lennon Airport, has unveiled plans to ‘put Liverpool in the same league as other magnificent waterside cities that are famed worldwide.’

It plans to invest £5.5bn to transform the 150 acre site that stretches from Princes Dock in the south to Bramley Moore Dock in the north into Liverpool Waters. The scheme will include 21m sq ft of development comprising of a mix of residential and commercial space. The company is also responsible for plans to transform the Wirral Waterfront with a £4.5bn investment.

“There is no reason why Liverpool cannot be in the same league as other magnificent worldwide waterside cities, as Peel has the vision, the resources and the expertise to deliver”, said Lindsey Ashworth, development director at Peel. “The developments at the Wirral and Liverpool will see the area become the ocean gateway to the North West.”

Peel’s total investment in Liverpool between the two projects is more than £10bn, which the company claims is the largest investment of this type in the North West in over a century. An outline planning application will be submitted within the next 12 months, although the projects are likely to take up to 30 years to complete.