Affordable housing provider Torus acquires 12-acre plot in Liverpool city region which is part of a wider £200m residential scheme. Tony McDonough reports
Affordable housing provider Torus is set to build 200 new homes on a 12-acre site in Liverpool city region.
It has acquired the plot at Cowley Hill in St Helens, through its construction arm Torus Developments, from BXB Cowley Hill, a joint venture between brownfield land specialist BXB and Promenade Estates. The value of the deal was not disclosed.
BXB Cowley Hill secured planning consent for 1,100 new homes, a hotel and 43,000 sq ft of commercial space close to St Helens town centre in March 2022. Total value of the scheme is estimated at £200m.
In December 2022 LBN revealed the JV had carried out £3m of enabling works on the site, backed with funding from Liverpool City Region Combined Authority’s Brownfield Land fund. This included the installation of a 10MVA electrical substation.
This area of land acquired by Torus also has planning consent for a children’s play area and an acre of public space. BXB Cowley Hill is seeking buyers for the remaining three plots for the construction of 900 new homes.
Gary Goodman, land and planning director for BXB, said: “The commencement of the enabling works for phase one, which will be completed shortly, was key in securing an end user for this plot.
“The team’s focus will now turn to securing detailed planning permission for the site’s new spine road and then delivering its construction along with the associated infrastructure.
“From there, we plan to commence the site enabling works for phases two, three and four to facilitate their onward sale over the medium term.
Given current market conditions and the end user build out rates, it’s likely to be more than five years before the site is delivered in full.
“We’re already in discussion with the market around its medium-term needs and to ensure that the phases we deliver meet house-builders’ technical requirements.”
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Chris Bowen, managing director of Torus Developments, added: “Torus has big ambitions for this section of the Cowley Hill site, which will see us create a modern, energy efficient, affordable development.
“As it stands, Cowley Hill is the biggest site we have ever entered into an agreement on in St Helens and I’m thrilled to have taken this first step in redeveloping Cowley Hill. This is the first partnership of many that will completely transform the area.