Sigma Capital, part of the joint venture delivering the mixed-use regeneration of Lime Street in Liverpool, has secured funding for the project from Curlew Student Trust, backed by real estate investment firm Curlew Capital.
Sigma, Neptune Developments and Liverpool City Council form the Regeneration Liverpool partnership behind the scheme, which was approved in 2015 but experienced delays due to a campaign to save the Futurist Cinema from demolition.
Designed by Broadway Malyan and IBI Group, the scheme will be made up of 28,000 sq ft of retail and leisure units, including a 101-bedroom hotel pre-let to Premier Inn. There will also be a 412-bedroom student accommodation block.
Demolition of the buildings on the site took place in August, after the Court of Appeal rejected calls to block the development and save the façade of the cinema.
According to Neptune, construction is due to start on site before the end of this year.
Graham Barnet, chief executive of Sigma, said: “The scheme forms part of the regeneration of the Lime Street and Knowledge Quarter areas, a project which is seen as a flagship development for the city. Together with our partner, Neptune Developments, we are delighted to help realise another objective in Liverpool City Council’s broader regeneration aims.”