Sales and investment specialist RWinvest has sold all 505 apartments at a £90m residential scheme in Liverpool, including a £1.6m penthouse apartment. Tony McDonough reports
All 505 apartments in a yet-to-be completed £90m residential development in Liverpool have been sold.
Legacie Developments began work on Parliament Square in the city’s Baltic district in late 2019. It comprises four blocks and will also include public plaza with retail units, rooftop swimming pool and spa and a gym.
The developer tasked Liverpool sales and investment specialist RWinvest with marketing the apartments, some of which are due for completion in July this year. And on Tuesday it announced that all 505 apartments have been sold, including a £1.6m luxury penthouse.
RWinvest says buyers of the units are a mix of owner-occupiers and buy-to-let investors based both in the UK and overseas. The first residents will move in this summer while work continues on the remaining towers which are due to be completed in 2022.
“Selling out the site in such quick time represents a record-breaking rate of sales for such a substantial development in Liverpool,” says Michael Gledhill, director at RWinvest. “We are delighted with the success of our marketing programme for Parliament Square.
“Parliament Square is the highest quality development marketed by RWinvest in the city to date, with an amazing range of facilities, including a rooftop pool, spa and gymnasium. The views are incredible too so it is no surprise that we’ve been compared to Manhattan-style skyscrapers.
“It is clear that a developer’s track record is very important to investors when they’re looking at where to invest their money and so we are pleased to be working with Legacie who have developed a reputation for quality and reliability.”
Legacie has already established a track record in Liverpool for the successful delivery of residential developments. They include the Ropemaker Place apartment scheme and the redevelopment of Reliance House in the city’s commercial district.
The company has used the so-called fractional sales method to fund developments. It sees deposits from off-plan buyers fund much of the development on the promise of attractive yields upon completion.
A number of failed developments in Liverpool attempted to use this method without success. Legacie founder John Morley claims it is not the method that is defective and says it is the lack of regulation of developers in the city that has caused schemes to collapse.
Earlier in May Mr Morley revealed Legacie will have created another 200 jobs by the end of this year, having already created 600 over the past 12 months. It is developing five sites across the city including One Baltic Square and Element The Quarter.
On the Parliament Square sales, Mr Morely said: “The impressive sales at Parliament Square are testament to RWinvest’s national and international contacts and marketing acumen. The investment they’ve brought into the city is exceptional. They are a great team to work with.”