Brickland bags deal with heavyweight BTR investor
Liverpool developer Brickland has secured a deal with global investor Heitman to develop build-to-rent sites in Manchester and Liverpool, with contractor ISG understood to be ready to start on site within weeks on both projects.
Brickland has advanced a site close to Cornbrook Metrolink stop, a residential development hotspot, for a scheme comprising two towers of 16 and 19 storeys, featuring 363 one- and two-bedroom units, along with duplex and townhouse apartments.
The property will be constructed around private courtyards and will have two rooftop gardens. Amenities are to include co-working space, a library, gym, and resident lounge.
The nine-storey development in Liverpool sits on Blundell Street opposite the Kings Dock, and will consist of 200 apartments, with 80 car parking spaces. Features are to include a landscaped upper floor terrace, gym, concierge services and a residential lounge.
The combined GDV of the two schemes is estiamted at between £100m and £130m.
Heitman manages more than 20,000 multi-family units globally, and has made the investment on behalf of an affiliate of the firm in what represents its first venture into the UK build-to-rent market.
The third party in the deal is LIV Group, the build-to-rent block manager and consultancy.
Tony Smedley, Heitman’s managing director and head of European private equity, said: “We are delighted to complete this acquisition in partnership with LIV, a best-in-class operator and the experienced development team at Brickland.
“The purchase is consistent with our strategy of investing in under-supplied sectors, growing urban environments and amenity-rich schemes that also provide a sense of community.”
Brickland, founded by Liverpool-based chief executive Sam Rowlands, said that it expects to complete both developments in 2020.
Rowlands said: “This is a milestone for build-to-rent in these Northern Powerhouse cities. We are bringing forward exemplar private rental schemes without cutting corners where rents will be affordable to the mass market.”