Institutional giant Aviva Capital Partners to fund first of 10,000 new homes in the proposed New Town straddling Liverpool and Bootle, backing an initial Build-to-Rent development. Tony McDonough reports
Plans for the Liverpool North New Town are to become a reality after Liverpool City Council secured institutional backing for the first phase.
Subject to approval by the city council’s cabinet on December 16, Aviva Capital Partners will fund the construction of 105 Build-to-Rent (BTR) homes close to the city’s Greatie Market with housing association Torus building a further 25 affordable homes.
Torus will also carry out a feasibility study on the Central Tin site next to Greatie Market with the aim of building up to a further 30 homes.
There was disappointment in October when the New Town failed to make the list for Government-backed New Towns across the UK. However, Liverpool and Sefton councils, as well as Metro Mayor Steve Rotheram, pledged the project would go ahead.
This was further boosted when Liverpool City Region Housing Associations (LCRHA), a powerful alliance of 22 housing associations, told LBN its members were ready to work with the local authorities and the combined authority to turn the vision into a reality.
Torus is a member of LCRHA and will build the affordable homes in this first project. An affordable home is where the rent is no more than 80% of the local market rate.
This project – at Vescock Street/Limekiln Lane and part of the Greatie Market/Scotland Road Regeneration Programme – will also see wider placemaking improvements in the area such as walking and cycle paths, public realm and improved streets and spaces.
Cllr Nick Small, Cabinet Member for Growth and Economy, said: “Vescock Street/Limekiln Lane is a pivotal early phase that brings forward new homes and high quality placemaking where the city most needs it.
“By combining institutional BTR investment with affordable housing from Torus, we are unlocking delivery in an area that has historically struggled to attract private capital – setting a new standard for neighbourhood renewal in the north of the city.”
Involving institutional funding into an area that has historically struggled to attract private investment is a key factor in making possible a housing-led regeneration that may otherwise not come forward, the council says.
In Wirral Waters in Birkenhead, Peel Group and Wirral Council secured the backing of Pension Insurance Corporation to build 500 apartments in the docklands, with 100 units in the Millers Quay scheme classed as affordable.
READ MORE: M&S deal kick-starts £8m Liverpool retail expansion
Managing Director of Torus Developments, Chris Bowen, added: “Alongside the wider regeneration of North Liverpool, Scotland Road and the Greatie Market area, this programme aims to create a more balanced, sustainable community.
“This is an exciting opportunity showcasing what can be achieved in this part of Liverpool.”