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5 minute read
Historic Liverpool city centre site to have new lease of life
Steve Heywood, media manager
A unique set of apartments on the site of an iconic Liverpool city centre landmark are getting closer to completion.
Milliners Yard, on the site of the old TJ Hughes building on London Road, is a new and innovative build to rent scheme which has not been delivered before in the UK.
Home Group, one of the UK’s largest housing associations, and global asset management firm Columbia Threadneedle Investments, have developed and manage a unique fund which aims to accelerate the delivery of purpose-built affordable private rent homes for key workers in cities across the country.
The £30m apartment block in Liverpool, being built by lead contractors Equans, will be the flagship development for the fund.
Milliners Yard is ideally located for those working at some of the largest key worker organisations in the city. The likes of the Royal University of Liverpool Hospital, as well as both Liverpool John Moores University and The University of Liverpool are within walking distance of the development.
A topping out ceremony was held on site on 17 August 2023, and once complete the 258 low-carbon homes will comprise 144 one-bedroom apartments, 99 two-bedroom apartments and 15 studio apartments.
The unique financial model devised by Home Group underpins the fund, which flexes to suit the needs of the build location, as well as the varying needs of renters.
Kitson Keen, director of development at Home Group, said: “Flexible Rent is a scalable ‘build to rent’ product, which provides a high quality mix of private and discounted rented homes for people on a variety of incomes.
“As well as local key workers, the fund will satisfy the needs of a range of other stakeholders – from local authorities through to investors and central Government.
“As a country, we aren’t going to be able to build the homes we need without innovative approaches. A larger, professionally managed Private Rented Sector will have a positive impact in driving up standards. The Milliners Yard development is the first in what we expect to be many more similar developments to emerge across the UK.”
Alyson Seddon, construction director at Equans, said: “It was great to have colleagues, partners and stakeholders come together at the scheme to celebrate this major milestone. The project is key to the ongoing regeneration of Liverpool City Centre, and Equans is proud to be a part of this.”
Emma Gullifer, co-fund manager of the CT UK Residential Fund at Columbia Threadneedle, commented: “We are proud to be marking this major milestone in the construction of the Fund’s first development project. Milliners Yard will be a landmark scheme for the Fabric District in the heart of Liverpool, providing quality Build to Rent apartments to residents at locally attainable rents. The inclusion of Flexible Rent, providing a dynamic mix of market rent and discounted market rent units, creates a scheme that can continue to cater to the local renting community while contributing to the regeneration of the Fabric District area.”
Simon Parker, UK land and property managing director, commented. ‘Today is a milestone moment for the project and brings us a step closer to delivering exciting new homes right in the heart of the Fabric District’s thriving and creative community.