PRS scheme the third residential development to be unveiled in the last few months for the site and will comprise 105 one and two-bed apartments. Tony McDonough reports.

Peel Land and Property has put forward plans for 85,000 sq ft residential tower in Princes Dock, part of the £5bn Liverpool Waters development.

It is the third residential development to be unveiled in the last few months for the site.

Peel will develop the £21m building, comprising 105 one and two-bed apartments, and will then sell it to Liverpool housing group Regenda.

This will be Peel’s first Private Rented Sector Scheme (PRS). PRS is a class of investment into schemes which are ‘built-to-rent’ and has become increasingly popular with institutional investors.

In the autumn Moda Living secured planning consent for an £82m 34-storey PRS residential tower at Princes Dock and, weeks later, housing association Your Housing Group announced plans for a 30-storey tower totalling 276 apartments.

All three tower will be located on William Jessop Way and the latest Peel scheme is likely to be called ‘Plaza 1821’, commemorating Princes Dock’s opening on the day of the Prince Regent’s coronation as George IV in 1821

It will be managed by Regenda’s subsidiary PRS company, Redwing Living.  There will also be commercial space on the ground floor.

Neil Baumber, Peel Land and Property’s development director for residential, said: “This is the first Peel PRS development project where Peel is acting as the developer and it’s a model we will use at some of our other sites across the North of England.

“This scheme also represents a major milestone in Peel’s wider vision to create a stunning waterfront for Liverpool following recent similar announcements.

“There is now significant momentum behind our plans as investors realise the potential and opportunity which this site offers.”

Peel and Regenda expect to submit a planning application early this year and begin construction later in the year.