An investor and developer based in the United Arab Emirates acquires a £110m residential scheme in Liverpool docklands comprising 507 apartments. Tony McDonough reports
Middle East investor and developer Habita is to take on a £110m apartments scheme just north of Liverpool city centre.
Sourced Developments secured planning permission for the scheme, located in Love Lane in the city’s northern docklands, in April 2024. Designed by BDP, it comprises 507 apartments in four blocks rising from seven to 11 storeys.
Now sourced has sold the project, which is being brought forward in partnership with Network Rail, to Habita which is based in the United Arab Emirates. It is headed up by former consultant to Sourced Ian Ringwood. He has renamed the project City Walk.
“City Walk by Habitia Group is a truly transformative development in a prime location,” he said. “We are delighted to proceed with this breathtaking project, working closely with Network Rail to bring a dynamic, thriving residential and commercial community to Liverpool.
“We are currently assembling the design and construction team to bring this prestigious development to life. With major projects such as Liverpool Waters, the Knowledge Quarter, and the Ten Streets regeneration, Liverpool is undergoing an exciting transformation.
“Its world-class universities, rich cultural heritage, and thriving business sector make it a prime destination for investors seeking long-term value and strong rental yields.
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City Walk will include a mix of 147 one-bedroom, 330 two-bedroom, and 30 three-bedroom apartments, all for sale, with 145 designated as ‘affordable’. This means they will be sold at no more than 80% of the local market rate.
Although the plans would see the demolition of a number of vacant buildings the developer says disused railway arches will be utilised to create 10,000 sq ft of new commercial space.
Sourced managing director Joanne Waller, said: “We have now completed the sale of the Love Lane site to Dubai-based Habita Group UAE, taken as part of a strategic decision to focus on our current pipeline of development projects.”