Developer acquires city centre apartment block and pledges £5m refurbishment

Mercantile terrace jacuzzi

Liverpool developer, Legacie, has acquired a Duke Street apartment scheme in the city centre from Grainger PLC, for an undisclosed sum, with a further £5m earmarked for a planned luxury upgrade of the property.

The building, previously known as Spectrum, was constructed in 2008 but will be renamed ‘The Mercantile’ by Legacie to reflect the rich trading history of the Duke Street Conservation area.

Grainger PLC is the UK’s largest listed professional landlord with more than 10,000 operational homes and a portfolio value of more than £3bn.

After completing the acquisition, Legacie will refurbish each of the 32 one- and two-bedroom apartments and four penthouses – each of which will offer jacuzzis on the terrace.

Legacie will also completely redesign the central atrium to include communal breakout areas, with a 12 month projected build time.

The developer is offering five apprenticeships to coincide with the scheme and estimate a further 30 construction jobs will be created.

The Mercantile is within five minutes’ walking distance of the Liverpool One retail centre and the Ropewalks district as well as popular amenities such as Duke Street Market.

International sales agent, RWinvest, has partnered to promote the scheme while Legacie Contracts will handle the construction element.

Legacie CEO, John Morley, said: “We are committed to refurbishing the building to the highest standards, including the full redesign of the central atrium to offer modern, comfortable and luxury living space.

“It has been an exciting start to 2024 for Legacie and this deal further underlines our commitment to Liverpool city centre.”

Director at RWinvest, Michael Gledhill, said: “We are excited to bring further luxury homes to an exciting area of Liverpool city centre which is experiencing an unprecedented amount of growth.”

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