Liverpool City Council

The Council holds a diversified mix of commercial property, development land, cultural assets, and a Treasury cash portfolio. Flagship holdings include the Cunard Building, The Spine in Paddington Village, and Croxteth Hall. It does not publish a consolidated balance sheet for these assets, and the Treasury portfolio is managed for liquidity rather than total return. The art collection is held in trust and managed externally by National Museums Liverpool.

The Council pursues an aggressive asset acquisition and regeneration strategy, using borrowing powers from the Public Works Loan Board to fund commercial property purchases. This is intended to replace lost central government grants with rental income. The scale — particularly Liverpool Waters and Paddington Village — involves multi-decade partnerships with developers like Peel Waters and agencies like Homes England, placing the Council in a position more akin to a property company than a traditional municipality.

The Chief Executive, Andrew Lewis, leads the executive management team, reporting to the elected Leader of the Council and Cabinet. The Cabinet makes formal decisions on acquisitions and disposals based on officer recommendations. Strategic economic development decisions fall within the remit of the Liverpool City Region Combined Authority, led by Metro Mayor Steve Rotheram, where the Council is a constituent member.

The Council is a major employer and scheme member within the Merseyside Pension Fund, a £10.8 billion Local Government Pension Scheme administered by Wirral Council. LCC does not manage the fund but participates as a stakeholder. The alignment between Council-led regeneration projects and pension fund investment priorities has created co-investor dynamics on regional infrastructure, though formal joint ventures are limited.

The Council's investment model is heavily weighted toward direct ownership of commercial property and land. Its Treasury investment portfolio, managed internally, primarily holds cash and near-cash equivalents for capital and revenue liquidity. Fund commitments are not a significant feature of its investment approach; its principal co-investment relationships are structured as public-private partnerships and regeneration agreements rather than LP commitments.

Liverpool Waters, a 60-hectare dockland redevelopment delivered with Peel Waters, and Paddington Village, a 30-acre science and health district, are the two signature projects. Liverpool Waters is creating new residential and commercial districts across the northern docks. Paddington Village is anchored by The Spine, leased to the Royal College of Physicians, and is designed to cluster health and technology tenants.

The Council generates rental income from long-term commercial leases on properties such as the Cunard Building and The Spine. Surplus income from these assets is directed into the general revenue fund, reducing reliance on central government grants and council tax. Development land in Pall Mall and Paddington Village is expected to produce future revenue through ground rents and development premia as sites are built out.