Developer Elliot Group has released images of Infinity – a £250m city centre project comprising three towers of 27, 33 and 39 storeys with a spa, gym and pool for residents. Tony McDonough reports
A date has been set for work to begin on a spectacular £250m residential project in Liverpool city centre – with 160 apartments worth £42m already sold or reserved.
Developer Elliot Group has released images of Infinity which and claims residents will be able to look out their window and see Mt Snowdon in Wales and the Old Man of Coniston in the Lake District.
Work will begin in January on the scheme, located on the corner of Pall Mall and Leeds Street, which will comprise three towers of 27, 33 and 39 storeys.
In total it will offer 1,002 apartments, plus a triple-height luxury spa, gym and pool and more than 10,000 sq ft of commercial space.
Elliot Group has exchanged contracts on 160 apartments of the 382 units in tower one, with a further 50 reservations via its sales agent Experience Invest, representing an average sales price of £200,000 per unit.
The gross sales value currently of the apartments exchanged or reserved stands at £42m.
Company founder Elliot Lawless said: “The success of the development is driven by domestic and overseas investors’ appetite for ‘the Liverpool story’.
“It’s a lovely-looking scheme and at 436ft above sea level you won’t find views like it anywhere else.
“To wake up to Snowdon in front of you and a view all the way to the Old Man of Coniston on your right will take some beating. If I hadn’t just redecorated my house I’d be moving in.”
On the pre-sales, he added: “I’ve personally met investors in the Middle East and in London on numerous occasions and it always surprises me how much homework they’ve done about Liverpool and its economy.
“They talk to me about the port, the Knowledge Quarter and the new Everton stadium. They want to buy in to the momentum and the future as much as to the city’s history and it’s fascinating to see their take on us.”
Mr Lawless says Elliot Group’s funding model is based on common practice on the continent and other overseas markets.
He explained: “Our investors pay 30% of the purchase price in to an escrow account managed by solicitors Hill Dickinson on exchange of contracts, with a further 20% on completion of the superstructure, 30% on monitoring surveyors’ confirmation that the building has been made watertight, and the balance on completion.
“It’s a robust model overseen by the lawyers and surveyors and all investors receive interest on their deposited funds of 2% for two years whilst construction is underway.”
Work is expected to start on site on tower one in mid-January with a completion date of 20 months. The entire scheme will be built-out within three and a half years.