North West Property Richard Frost

Entrepreneurs are being invited to transform vacant retail units into viable businesses such as community cafes or healthy takeaways under Liverpool City Council's new Shops for a Pound initiative.

The scheme, which is a variation on the existing Homes for a Pound project, involves 12 empty units on Smithdown Road and Earle Road in Picton being made available for £1 per week for up to three years.

Successful applicants will have to carry out repairs and refurbishment themselves, have finance in place, and operate their business from the refitted unit.

Commercial rates will apply after the three-year period has expired.

Each proposal must be for a new, commercial business and cannot compete with an existing business in the neighbourhood. Gambling establishments, fast-food takeaways, tanning salons, off licences/pubs and payday loan shops will not be permitted but bids for community cafes and healthy takeaways will be considered.

Applicants who meet the criteria will be asked to provide further information as part of a due diligence process. The local authority said that preference would be given to business plans with the greatest chance of long-term success and sustainability.

It is part of a wider regeneration plan in which 150 vacant houses in the area are being offered to people for £1 on condition that they are brought up to Decent Homes Standard within a year and aren't sold or sub-let within five years.

Deputy mayor Ann O'Byrne (pictured) said: "We are giving people with a passion and commitment to the area the chance to create a new business and be part of the hugely exciting grassroots regeneration of Picton.

"Work is going to be starting imminently on refurbishing the first properties as part of the Homes for a Pound Plus scheme, while the recent completion of the Archbishop Blanch School has given the area a tremendous boost.

"This is a hugely exciting time for Picton and I believe we are on the cusp of a real upturn in its fortunes driven by the community, supported by the city council."

Expressions of interest for Shops for a Pound can be made online via the Liverpool City Council website. The closing date for applications is Monday, 9 May 2016.

Pictured: A block on Smithdown Road being offered as part of the Shops for a Pound initiative