LONDON-Liverpool City Council has granted planning permission for Grosvenor and Henderson Global Investors' plans to regenerate the city's retail core around Paradise Street. The move follows the decision by Deputy Prime Minister John Prescott to reject a rival scheme by the Walton Group and Capital Shopping centres for the Chavasse Park site.

The £700 million ($1.1 billion) scheme covers 42 acres of the city centre and the development will incorporate 1 million square feet of new shops including two department stores and one other major store; plus integrated leisure facilities and over 300 residential units. The western quarter of the development focuses on a new public park framed by a landmark hotel, plus interchange and pavilions with dramatic views onto the Albert Dock and the Waterfront beyond.

The scheme has been masterplanned by architects BDP. Construction will be phased over several years with target completion by 2008.