Liverpool-based YPG Developments has secured the backing for the Baltic Triangle project from Bank of London and The Middle East, which is a ‘Sharia’a-compliant’ financial institution. Tony McDonough reports
YPG Developments has secured an £18m finance package from Europe’s largest Islamic bank for its Kings Dock Mill residential scheme in Liverpool’s Baltic Triangle.
The project, a mixture of 204 luxury one, two and three-bed apartments and townhouses in Tabley Street, is being backed by Bank of London and The Middle East (BLME).
BLME is a ‘Sharia’a-compliant’ financial institution which means it avoids speculation, short selling and excessive credit creation whilst encouraging sound risk management procedures.
The scheme was granted consent in 2016, with Liverpool-based YPG given the green light to demolish the existing industrial buildings on the land, and construct a tiered 10, 11 and 12 storey building. Kings Dock Mill will also provide 70 parking spaces, accessed from Sparling Street, and 100 cycle spaces.
The development is situated on the waterfront, with panoramic views of the River Mersey, and walking distance from Liverpool Lime Street, the Albert Dock, and the Echo Arena and Liverpool One shopping centre.
Ming Yeung, managing director of YPG, said: “The riverside views combined with the proximity to the rich culture and leisure offering of the city centre, and the Baltic Triangle, make the site perfect for the kind of luxury apartments and townhouses we’re delivering here.
“It has been a great experience working with BLME. The team has a great understanding of the local market and the entire process has been very smooth. We look forward to working with the company again.”
Richard Payne, BLME head of real estate finance, added: “The forecast employment growth in Liverpool combined with the 7.8% increase in housing prices and increasing city centre population makes it an attractive area for development.”
Construction work is expected to be completed by spring 2019. YPG is acting as contractor. The architect for the scheme is LAG Prichard.