MIPIM 2008: West Coast Capital/LXB3 to invest in Liverpool

Private equity firms West Coast Capital and LXB3 will launch a joint venture with Liverpool City Council which will see them invest £60m in land development in Norris Green and Dovecot, at MIPIM today.

The new InLiverpool joint venture, which will bring currently derelict land back into use, will be announced by the council and Inpartnership, which is backed by Scottish property giant Sir Tom Hunter.

It is hoped the project could encourage up to £200m of development across 63 acres in Norris Green and £100m throughout 30 acres of derelict land in Dovecot from developers keen to build new housing there.

If the first two schemes prove successful, InLiverpool could be rolled out to other areas of the city.

The partnership, in consultation with the community, has already developed a masterplan and is now seeking developers to build houses in accordance with its plans.

InLiverpool will be financed by Inpartnership, while Liverpool City Council will provide the land.

Together, the JV will clear the land of debris and provide new roads and other infrastructure needed to service the site.

Once the land has been attended to, the partnership will then sell it on to developers at a higher price than it would have fetched if sold as derelict. Any profit will then be spent within the local community.

Inpartnerships investors are private equity firms West Coast Capital and LXB3.

Land that lies either derelict or semi-derelict, including areas where derelict council housing now stands, will all be targeted by the scheme.