Liverpool residential developer Legacie secures £93.5m from London-based Maslow Capital to push on with £200m residential development close to the Mersey that is already 90% sold. Tony McDonough reports
Liverpool property developer Legacie will push on with its latest £200m scheme in the city centre after securing a fresh cash injection.
London-based lender Maslow Capital has committed £93.5m to the Gateway development. Comprising 656 apartments, this project is located in Leeds Street close to the city’s central business district. It will offer a selection of one, two and three-bedroom apartments.
Work has already started on the development which was first announced in August 2023. Legacie’s long-term partner, international sales agent RWinvest, has already secured sales on 90% of the apartments.
This new funding package will enable Legacie to progress with the scheme. The Gateway is one of the largest private investments into Liverpool’s residential market in the city’s history and is expected to play a pivotal role in transforming the Pumpfields area.
Legacie chief executive John Morley said: “We are thrilled to continue our partnership with Maslow Capital to deliver The Gateway. This is the largest funding deal in the history of our partnership with RWinvest, and it marks a significant milestone for us.
“It not only reinforces Legacie’s commitment to providing high-quality residential spaces but also responds to the growing demand for well-located housing in the city.
“The project is set to transform a brownfield site into a dynamic urban community, with green spaces, modern amenities, and a sustainable design that aligns with Liverpool’s regeneration ambitions.”
It is estimated it will bring in more than £1m per year in council tax receipts. And it will feature green spaces accessible to the public, commercial units on the ground floor, and an array of amenities for residents
These will include a ‘garden spa’ with a swimming pool, fully fitted gymnasium, residents’ lounge, cinema, podcast booths, and private dining areas.
James Henry, director of origination at Maslow, added: “Maslow Capital has a well-established track record of supporting high-quality living sector assets in the North West, and our £93.5m financing is another significant contribution to the supply of housing in the region.
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“We are delighted to be working with Legacie Developments on this exciting scheme, continuing our long-standing funding partnership between our organisations.
“Having previously supported Legacie across multiple projects in the region, the Maslow Capital team looks forward to continuing this relationship and seeing this scheme come to life throughout the construction period.”
Michael Gledhill, director at RWinvest, also said: “We’re excited to see this game-changing development take shape in Liverpool.
“The Gateway is not only one of the largest private investments into the city’s residential market, but it will also create hundreds of jobs during the construction process and in the long-term with residents contributing to the local economy.
Law firm Hill Dickinson advised Legacie in respect of the funding deal.