Invesco agrees £86m funding deal for Strand build-to-rent
Invesco Real Estate has completed an £86m deal to fund a 16-storey, 383-home build-to-rent development on Liverpool’s The Strand, being brought forward by developers Patten Properties and Panacea Property Development alongside main contractor Graham.
Graham is due to start work on the site this month on the scheme, which has been designed by architect Leach Rhodes Walker. Works will begin with the demolition of the four-storey Strand House office block currently on the site.
As well as 383 homes for private rent, the project also includes a private gym, meeting rooms, and a residents’ roof garden. Construction is expected to complete in summer 2020.
Neil Patten, managing director of Patten Properties and Panacea Property Development, said: “The scale and location of this development in such a prominent location deserves the best investment, management and delivery partners. After a long process we are delighted to announce our forward funding deal with Invesco.
“We have owned the site for a long time and worked very closely with Liverpool City Council to ensure that our plans for this important scheme were in line with their own high aspirations for the site and the wider area.”
JLL acted for Panacea on the scheme. The professional team on the project also includes Zerum, Curtins, Squire Patton Boggs, Pinsent Masons, Capita, Design Fire Consultants, Redmore, and DEP.
The development has seen significant changes since an initial pre-application meeting with Liverpool City Council in September 2015. Preliminary plans included two towers of 25 and 13 storeys, but the height of the project was reduced following a series of consultations throughout 2016.