The Downing-backed plans for two student accomdation block developments in the Islington district of Liverpool is to get the thumbs up from Liverpool City Council’s planning authorities, providing accomodation for more than 900 future students.
The Islington Regeneration Company, with which the Downing property group is a development parter along with a 50% stake with directors from AJ Bell pensions company, is set to develop the £25 million on Devon Street and another £35 million project on Gildart Street.
Falconer Chester Hall, the architect for the project, have revealed a montage image of the two buildings to celebrate planning approval.
Devon Street will feature a 10-story student accomodation tower, with 340 beds and a retail space on the ground floor. The current site mostly consists of vacant industrial units.
Gildart Street will see the construction of a building with 580 beds in three blocks, from six to eight stories in height. These will also feature retail facilities on the ground floor. The existing location is a vacant car park with additional industrial units.
Both developments will be built by contractor George Downing Construstion, with work expected to start in early 2015 and the buildings to be ready for occupation as soon as the start of the academic year in October 2016.
Funding will come from equity from the Islington Regeneration Company, along with traditional bank-sourced loans.
This project will form part of the wider vision for the Islington District, as part of a master plan for the 20-acre site which will see a further five developments phased in over the next decade.
Words: Peter Cribley