Liverpool City Council has bought more than 55,000 sq metres of prime waterfront land for £1.
It plans to turn the site at Kings Dock into a tourist and leisure attraction in a multi-million pound development project.
It is buying the plot from Homes England following the endorsement of its 2017 Masterplan and Planning Brief and plans to turn the remaining development sites on Kings Dock into a 'vibrant leisure-based mixed-use destination.'
Alongside Kings Dock, Liverpool’s waterfront is subject to several projects including the redevelopment of Festival Gardens along the south of the Mersey shoreline, a new cruise liner terminal, the 10 Streets Creativity District, the £5bn Liverpool Waters scheme and potentially a new football stadium for Everton Football Club in the north at Bramley Moore Dock.
Liverpool mayor, Joe Anderson, said: 'The transformation of the Kings Dock from a car park to a major tourist and leisure attraction has been one of our great success stories and has helped to fuel the Liverpool Powerhouse.
'Our iconic waterfront demands a world class offer and we have a masterplan to ensure that continues to happen at Kings Dock – so we continue to attract the biggest names in entertainment, the biggest brands in the conference sector and millions of tourists from around the world supporting thousands of jobs.'