Developers behind a £45m residential scheme in Liverpool that will include a number of low carbon features have secured an extra £11m of funding. Tony McDonough reports
Nexus Residential and Legacie Developments will push on with their £45m ‘eco’ apartments scheme in Liverpool after securing an extra £11m.
Manchester-based specialist lender, Together, is providing the debt facility. Investment house RWinvest, which specialises in buy-to-let investments, has already led an international sales drive on the project which is located in Low Hill.
Element – The Quarter will comprise 316 residential apartments plus purpose-built accommodation for 141 students. It will also include commercial units. The first apartments will be available in early 2023.
The scheme will include solar panels, e-car charging points, air-source heat pumps, rainwater recycling system and a system to reduce electricity consumption. Earlier this year Nexus and Legacie committed to plant almost 50,000 trees in the Amazon Rainforest.
This is the second time the two developers have secured finance from Together. In June it provided a multi-million pound funding facility for its City Residence development in north Liverpool.
John Morley, chief executive of Legacie Developments, said: “It is fantastic to be working with Together again on another major development. The funding deal will help unlock further local jobs and training opportunities for young people.
“Their investment will help us bring to life an eco-development which Liverpool can be proud of. Not only that, attracting major inward investment is also great news for the city’s property and construction sector as it bounces back from COVID-19.”
Legacie has partnered with Nexus on other major developments including Liverpool’s One Baltic Square. The first blocks on the 296-unit scheme on the edge of the city’s Baltic Triangle are expected to be completed by the end of 2022.
Michael Gledhill, managing director of Nexus, added: “Having a large institutional funder such as Together backing another of our developments is a major vote of confidence. Works are progressing well on site, and we are excited to deliver hundreds of quality new homes in Element next year.”