Elliot Group has scheduled January as the start date for Mee Demolition to begin preparatory work for the first building in the three-tower Infinity scheme, planned for the corner of Pall Mall and Leeds Street.
The Falconer Chester Hall-designed Infinity was granted planning permission in April, and is made up of three towers ranging in height from 27, 33 and 39 storeys. The £250m development is the largest single planned housing project in Liverpool and totals 1,002 apartments, plus a triple-height spa, gym and pool and more than 10,000 sq ft of commercial space.
Construction on the smallest tower, of 27 storeys or 287 ft, is due to begin first, with the main contractor to be announced in the New Year. Elliot Group said the building would be completed within 20 months, with the entire scheme built out within three and a half years. The tallest tower will reach 403ft.
According to Elliot Group, 160 of the 382 apartments in the first tower have been sold off-plan, via sales agent Experience Invest, at an average price of £200,000 a unit. The gross sales value currently of the apartments exchanged or reserved stands at £42m. Experience sells to domestic and overseas investors.
Elliot Group’s managing director Elliot Lawless, said: “I’ve personally met investors in the Middle East and in London on numerous occasions and it always surprises me how much homework they’ve done about Liverpool and its economy. They talk to me about the port, the Knowledge Quarter and the new Everton stadium. They want to buy in to the momentum and the future as much as to the city’s history and it’s fascinating to see their take on us.”
Lawless went on to explain the group’s funding model: “Our investors pay 30% of the purchase price in to an escrow account managed by solicitors Hill Dickinson on exchange of contracts, with a further 20% on completion of the superstructure, 30% on monitoring surveyors’ confirmation that the building has been made watertight, and the balance on completion. It’s a robust model overseen by the lawyers and surveyors and all investors receive interest on their deposited funds of 2% for two years whilst construction is underway.
“Investors look for quality of design, infrastructure and facilities management and will pay for it, because they’re key ingredients to reducing tenant churn. They know our track record and they know that we’ll deliver best-in-class performance. After that, it’s about Liverpool and where the city is going,” added Elliot Lawless.
Elliot Group’s agreement with Experience Invest is now entering its third year, during which the partnership has seen more than 2,000 apartments sold.