As it looks to expand beyond its Liverpool base, residential developer Legacie has secured a new £20m funding facility from Maslow Capital. Tony McDonough reports
Liverpool residential property developer Legacie has secured £20m of new funding as it looks to continue its expansion outside the city.
Legacie, founded by John Morley, has already delivered residential schemes worth hundreds of millions of pounds in Liverpool. Work is currently well advanced its £90m Parliament Square project which will see the creation of 500 new apartments.
Now specialist property development finance provider Maslow Capital is providing £20m of funding for the business. The new facility follows Maslow’s previous financing package of £22m which supported Legacie’s Parliament Square development in Liverpool in February 2020.
Today’s completion will fund the construction of Legacie’s new developments in the North West. The company has recently expanded to Manchester where it is building a 196-unit waterfront apartment scheme in Salford Quays.
Last month Legacie announced the appointment of a new managing director to oversee its UK expansion. Gavin Currie, former managing director at Scottish firm Bancon Construction, brings more than 25 years’ experience in the development sector.
So far Legacie’s work has primarily focused on Liverpool with schemes including Renshaw Street’s Ropemaker Place, Water Street’s Reliance House and the flagship £90m Parliament Square in the Baltic Triangle.
Adding to its existing portfolio, the business established by the former Liverpool John Moores university graduate, John Morley, recently announced new plans for a development in Luton.
John Morley said: “Having the support of the institutionally backed Maslow Capital, is a significant vote of confidence in our work and a huge boost for our future plans. We utilise a proven and successful off plan sales model and today’s completion demonstrates the effectiveness of this approach when developing residential schemes.
Maslow Capital has a well-established reputation in the North-West, having funded the development of 2,828 residential units in the region to date. Co founder and chief executive of Maslow, Ellis Sher, added: “This is another fantastic partnership with Legacie Developments who we have supported across two large scale transactions to date.”