Short Term rentals increase as Liverpool Becomes Starting Point for Cruise Liners
Friday 22nd June 2012
Liverpool council received £ 9 million of central Government Grants (2007) in order to be able to develop the Pier Head Liverpool port. 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.
What is particularly significant about the port opening to cruise liners is that it will be given permission to open as a Stop and Start point not merely an overnight port which means that visitors will probably stay in Liverpool for a couple of night before or after making their onwards journey according to research from the European commission.
“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.”SaysAdrian Archer, Savills Hotels and Healthcare
There were only 207 serviced apartments in Liverpool City Centre, out of the total of 4447 rooms, available according to the June 2011 Hotel review. The average occupancy level of serviced apartments was higher than at 76% than Four Star Hotels 73.5% and Budget Hotels at 74.5% based on 2010 figures.
The relative shortage of Liverpool serviced apartments compared with Hotels as well as their higher occupancy rates could be a factor worth considering for property investors looking to capitalise on the increased tourism numbers coming to Liverpool as a result of the Cruise Liner Port.
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. Boosted by the Capital of Culture Award and significant investment over the past 10 years it is already by viewed by overseas visitors as a destination of great sporting and musical significance. People are drawn to Liverpool by Iconic names such as The Beatles and Liverpool Football Club.
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 buy-to-let property http://www.propertymarket-investment.co.uk/high-yeild-property-sale-liverpoolL3-buy-to-let.htm can benefit from improved visitor numbers and derive high yield rental income from this lucrative market’ says Graham Flaherty of One Touch Property Investment.
Editorial Contact Details - Rosalind Renshaw