Scheme called the Eight Building’, will see 120 units – in mixture of build-to-rent apartments interspersed with mainstream build for sale units – adjacent to an existing student development. Tony McDonough reports
Liverpool developer Iliad (Grenville Street) has secured a £11.2m loan facility from Merseyside Pension Fund’s Catalyst Fund for a residential project in the city centre.
The development, to be named ‘The Eight Building’, will see 120 units – in mixture of build-to-rent apartments interspersed with mainstream build for sale units – in the Ropewalks area.
Located in Grenville Street, it will be adjacent to the first phase of development called St Michael’s Phase 1, a 260-unit student housing project delivered by Iliad in 2013.
It is one of the last sites to come forward in the Ropewalks area of Liverpool which has undergone a dramatic transformation over the last 10 years.
CBRE’s investment advisory team, part of CBRE Capital Advisors, has structured and underwritten the loan facility on behalf of Merseyside Pension Fund.
The loan is the first investment backed by the Catalyst Fund since its inception in 2016 and meets the fund criteria of investing in projects that will help to deliver economic growth to the Liverpool city region.
Iliad has developed a number of projects across Liverpool and has been heavily involved in the regeneration of the city centre over the last 20 years.
Cllr Paul Doughty, chair of Merseyside Pension Fund, said: “As the fund is the local government pension scheme for the Liverpool city region it is rewarding that we are able to provide our members with a commercial return whilst stimulating economic growth.
Tim Molloy from Iliad added: “We are now delighted to be working with a local fund to bring forward our latest scheme which will create jobs and much needed family housing in the area.”