New Sigma JV gets to work at Norris Green

REGENERATION group Sigma has launched a new joint venture with housebuilder Countryside Properties.

Countryside Sigma’s first contract is to deliver the third phase of housing at Norris Green in Liverpool. This involves 63 houses – 20 for sale and 43 for social landlord Cobalt Housing.

Norris Green is one of six regeneration sites in the city that Sigma is involved in through its partnership with the city council called Regeneration Liverpool.

Sigma said today it would receive £220,000 for the latest phase at Norris Green, equivalent to around 3.8% of the gross development cost, of which £120,000 will be paid over 18 months with the balance payable on completion.

Chief executive Graham Barnet said: “This third phase of development represents further significant momentum in the redevelopment of Norris Green Village and is testament to the renewed confidence in the area that is reflected so positively in the form of new house sales. We look forward to continuing our relationship with Liverpool City Council and helping to realise the Council’s regeneration goal for the area.”

A council report issued in November showed Regeneration Liverpool had asked the authority to waive its right to a cash payment for the development land at Norris Green due to the tough property market. Instead, the council will have a 1% stake in the finished houses.