Blacklight acquires third stalled Liverpool student scheme

The investor has bought YPG’s half-built development on Devon Street having already snapped up and completed projects started by Elliot Group and Mount Property Group.

Blacklight Capital Partners has bought the site of YPG’s 164-flat Devon Street development in Liverpool.

The developer has applied to Liverpool City Council for permission to finish the scheme and add 38 extra rooms. Broadgrove Planning & Development and Smith Young are advising Blacklight on the updated plans.

The acquisition of the Devon Street site marks a hat-trick of Liverpool deals for Blacklight.

In 2022, the investor purchased Natex, a 574-apartment student accommodation scheme off Norton Street previously being developed by Mount Property Group, and rebranded it as Limelight.

Blacklight was also heavily involved in the completion of Elliot group’s stalled 999-home Aura development by a group of the scheme’s original investors.

BCP’s latest foray into the Liverpool market marks another positive step forward in the city’s bid to whittle down its list of stalled schemes. The 10-storey Devon Street project won planning permission in 2016 but work stopped in 2021.

The development is located close to Fabric Village, another stalled YPG project, which was acquired by Mellior Group last year.

Mellior recently submitted plans to Liverpool Coty Council seeking permission to reduce the number of flats proposed by 12% from 419 to 367 and restart the project.