The Liberty was first built in 1968. In 1999 Hammerson acquired Standards Life's 50% interest and in 2000 acquired the freehold on the land. In September 2006, Irish property developers, The Cosgrave Property Group acquired the centre from Hammerson.
The centre underwent an extensive redevelopment at the turn of the millennium. Previously, the main part of the centre was open-air, with several covered arcades running off from it linking it to other parts of the town centre. The changes undertaken in the 2000s included the covering of the main part of the centre with a glazed roof, and the development of a new car parking facility, plus new large stores for Next and H&M. Several existing stores were remodelled or relocated, or received other modernisations, as part of the redesign, including Boots, BHS and W H Smith.
Once the planning application had been granted for the transformation of the centre, work started in August 2001. In April 2003, the centre achieved practical completion.