£10m funding boost secured for Liverpool property scheme
Liverpool developers Nexus Residential and Legacie Developments have secured a £10m funding boost for a new North Liverpool property scheme.
The joint venture between the two businesses will see a modern apartment development constructed on the northern perimeter of the city centre.
The City Residence Apartments development, located on Lemon Street, will comprise 78 contemporary one- and two-bedroom units across four newly built blocks which will bring new life to a key area within one of Liverpool’s most important regeneration zones.
The upper floor apartments will include impressive views of Liverpool’s world famous waterfront and overlook the site of Everton’s forthcoming Bramley-Moore Dock stadium. The development is expected to be completed by October this year.
The multimillion-pound funding facility has been delivered by the Cheadle-based institutional lender, Together, which has worked with Nexus and Legacie on other development projects.
Meanwhile, the scheme is being promoted by the international sales agent, RWinvest which has successfully pre-sold the new homes off-plan.
John Morley, CEO of Legacie Developments, said: “This is an exciting partnership with Nexus Residential and we are delighted to be working with Together again.
“Their investment will help us bring new life to an important part of a key Liverpool regeneration zone. Not only that, it is a solid demonstration of confidence in the Liverpool property and construction sector and we are looking forward to delivering this project before the end of the year.”
Michael Gledhill, managing director of Nexus Residential, said: “Bringing a large institutional funder such as Together to Liverpool is fantastic news. This is major investment which will create jobs and regenerate the area on a former brownfield site with quality new homes.”
Earlier this year, Legacie Developments announced another funding deal with Together on the £90m ‘The Residence’ development in Salford.
Ritchie Watson, corporate lending director at Together, said: “Having previously worked in partnership with John Morley, we know his experience in creating similar developments of the highest quality.
“There has been a growing demand for city centre developments in Liverpool and other major UK cities since the end of COVID-lockdown and we’re not surprised to see that these apartments, in one of the region’s key regeneration zones, have already proved incredibly popular.”
Bradley Ashley, senior sales manager at RWinvest, said: “RWinvest successfully pre-sold all of the properties in City Residence in record time at the off-plan stage. We are all excited to see the development once it’s completed towards the end of the year, as it will completely transform the area. This is the kind of transformation that RWinvest has a track record in facilitating for the benefit of all stakeholders.”
Legacie Developments has also partnered with Nexus Developments on other major developments including Liverpool’s first eco residential development known as ‘The Rise’. Construction on the £40m, 450-unit scheme close to the city’s Knowledge Quarter will complete early in 2023.
