MIPIM | Peel buys back £50m Patagonia Place from YHG
The developer has taken back control of the 278-apartment scheme at Liverpool Waters after Your Housing Group opted not to progress the 31-storey project.
Speaking to Place North West at MIPIM, Chris Capes, director of development at Peel L&P’s Liverpool Waters, said the plan is to build out the 31-storey tower as consented, while talks with a development partner are ongoing.
“We remain confident that the development is a high-quality proposition that meets the needs of the local market.
“We understand Your Housing Group’s decision and have now taken back ownership and control of the site. We are actively working with another partner to bring the development forward.”
Part of Peel’s wider £5bn Liverpool Waters regeneration scheme, Patagonia Place is designed by Falconer Chester Hall. Liverpool City Council approved the scheme in 2020.
Your Housing Group’s deputy chief executive Jacque Allen said: “Last year the decision was taken by our board not to continue moving forward with the Princes Dock development. We would like to thank all those who have worked to bring this scheme to market, particularly the team at Peel L&P, for their incredible support.”
“Your Housing Group remain fully committed to our £480m investment in the development of new affordable homes over the next five years and the schemes we have planned remain on target to be delivered. We are already one of the UK’s largest housing providers with 29,000 homes across the North West, Yorkshire and the Midlands and our Board remain committed to helping solve the national housing crisis by providing new housing with diverse options for tenure.”
Capes added that a planning application for a 10-acre park within the £5bn Liverpool Waters masterplan was expected this year, while talks with potential commercial occupiers are ongoing. So far, Peel has not delivered any speculative office space at Liverpool Waters despite having consent for an 80,000 sq ft development.
However, Capes said that work to draw up plans for another, larger office is underway.
“We are working really hard to get a scheme ready and there are a number of enquiries that we are working really hard to bring in. We are remaining flexible but we recognise that commercial office space is really important.”
Place North West MIPIM 2022 coverage is sponsored by Castle Green Homes
What is wrong with Liverpool ?
By Dan
YHG have kept this quiet then for months, as have Peel, meanwhile this is a fabulous location but the whole site is under-performing. Peel are a high profile developer so why can`t they get these plots filled. At the same time the Romal scheme at Waterloo dock is awaiting for the outcome of a planning enquiry to see if can proceed, and the Everton stadium is underway but not much else.
If another developer had Princes Dock I reckon all plots would be full by now, with residential and commercial.
By Anonymous
Be interested to know how much YHG have spent on abortive fees? – 2 planning applications / numerous consultants etc
By Land Master
Your housing made a mess of this project ,clearly short of money so focusing on its core business
By George
The year is 2344 Peel have issued a revised master plan and promised Liverpool Waters will be completed in the next 10,000 years
By Michael
Hmmm, Peel…good thing or bad thing?
By Anonymous
Original designs for the development were by Brock Carmichael.
By Jane Harrad-Roberts
YHG bitten off more than they can chew obviously
By Anonymous
Pigs might fly Mr Whittaker.
Re..Dan…Peel is what is wrong with Lpool. They are all talk and spin unless it’s Salford.
By Squeaky
Peel’s had over 15 years and all that has emerged on Princes Dock is one tall, one 16 storey , and a car park…..nowhere near good enough.
By Anonymous
I’m not exactly a fan but if you were to blame Peel for Liverpool’s underperformance, or anyone else for that matter, you’d be seriously deluded and probably part of the problem.
By Anonymous
Not good at all for Liverpool.
By Cal
It is of vital importance that Liverpool competes internationally architecturally ; through creating living space too attract people , thus increasing prosperity . Presentation is crucial ; big is better just look at all the major cities , we need to build tall too maintain conservation, keeping Liverpool beautiful….
By Shaun Mackin
Everything Peel does in Liverpool is always in slow motion, who’s really to blame here?
By Anonymous
So does this mean Peel will actually initiate a development or are just talking about it. They seem to be very active in other parts of the NW so what is holding them up here in a “prime area”. I do wish they would come clean about things and be more proactive?
By Liverpolitis
Liverpool and failed projects || at a point it feels intentional yet it’s not but one can’t help but think it is considering how low the number of stalled and failed projects is in other big cities compared to Liverpool
By Tired
What is happening with the Patagonia Place? it has been months since this and still nothing despite that “We are actively working with another partner to bring the development forward.” Get on and Build it!!! Liverpool needs this.
By Boss Scouser