Plans to turn the former Littlewoods Building in Liverpool into a film and TV studio are once again facing funding issues.
CapitalandCentric (C&C), the developer behind the project, told the Liverpool Echo that the cost of delivering the project “in the current climate exceeds the value of the completed development”.
The £70 million development includes two sound stages, each measuring approximately 20,400 sq ft with a height of 17 metres, as well as office and workshop spaces.
Last year, it was given the green light by Liverpool City Council.
Tim Heatley, co-founder of C&C told the Echo that the project is now at a “pivotal point” with the company ready to begin delivery. “However, like many major regeneration projects across the UK, we are facing a viability challenge. The cost of delivering the project in the current climate exceeds the value of the completed development,” he added.
C&C has entered into discussions with the UK government to “explore potential options for gap funding,” said Heatley.
“These conversations are still in the early stages. As with any public funding process, it is complex and requires time, careful consideration, and patience. We are working closely with our public sector partners to present a compelling case that shows why this project matters, not only for Liverpool, but for the wider UK creative sector.”
