Developer Legacie returns £5m to investors

Based in Liverpool, Legacie Developments has delivered a number of residential projects in the city and has now returned £5m to its investors in what it calls a ‘major milestone’. Tony McDonough reports

Legacie Developments
Reliance House in Water Street, Liverpool, developed by Legacie

 

Legacie Developments has returned £5m to its investors following the successful delivery of a number of Liverpool residential schemes.

The Liverpool company says the figure, which represents “significant returns” paid back to domestic and international investors in its residential development projects over the last four years, is a “major milestone”.

Founded by John Morley in 2016, Legacie has delivered multiple residential projects in Liverpool, including Ropemaker Place, the renovation of the historic Dale Street shops in and the redevelopment of Reliance House in the city’s commercial district.

Legacie also works in other locations across the North West. In the last few weeks it has announced a new £40m residential scheme at Salford Quays in Great Manchester. Work on Its £90m Parliament Square development within Liverpool’s Baltic Triangle district is at an advanced stage. The first phase of the four block, 500-apartment residential and retail scheme is due to open in summer 2021.

The company has successfully employed the ‘fractional selling’ method, whereby deposits from off-plan investors fund much of the development on the promise of attractive yields. The method has come in for criticism due to a number of high-profile project collapses in Liverpool.

But Mr Morley has previously insisted it is not the model that is the problem but the lack of regulation of rogue developers. On the return to investors, he said: “We are building a reputation as one of the most reliable property developers in the country and our investors are benefiting from the trust they’ve placed in us. I am proud that we have hit the landmark £5m figure.

“It is great news for our investors but it is also good news for the property development sector in the entire region as it instills trust in the sector and in companies that deliver. I think that is important right now especially at a time of economic uncertainty.”

Parliament Square is being supported by investment firm, RW Invest. Work started on the scheme in November 2019 and has continued, despite the COVID-19 pandemic. Legacie has put measures in place to ensure the safety of its construction team.

Colin Croxton, lettings manager at Legacie, added: “This is a remarkable achievement that everyone at Legacie is proud of. We have worked tirelessly for our investors ever since the company started back in 2016.

“Our hands-on approach has meant we have developed a great relationship with investors. So much so, 99% of investors who have bought with us, stick with us. The company is developing a reputation for reliability and quality and investors are telling us that they are incredibly happy with the returns they are seeing.”

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