The Address At One Wolstenholme Square

Elliot secures £16m NatWest backing

Liverpool-based developer Elliot Group has secured a £16.8m funding package from NatWest to complete construction of the final phase of its £100m Wolstenholme Square project.

The 155,000 sq ft building, known as The Address at One Wolstenholme Square, will provide 155,000 sq ft of new space and will include 32 studios, 102 one-bedroom apartments and 66 two-bedroom homes. There will be two commercial units on the ground floor.

The loan marks a change of direction for the developer which, to date, has funded its schemes through selling the apartments individually to investors, often overseas.

Director Elliot Lawless said: “We’re adopting a more blended approach to our funding, going forward.

“NatWest has been great to work with throughout the process and the move spreads our risk and exposure to different funding sources. We’ll remain active in the retail market via our agents Experience Invest because so many investors have asked to continue lending to us.”

The Address Construction

The loan marks NatWest’s return to the Liverpool residential lending market. The bank’s regional director Hugh MacDonald said: “This is a great development for the local area and one we are only more than happy to be involved in. Elliot Group is a forward-thinking and exciting developer and the work being done on the Wolstenholme Square project is tremendously exciting.”

The block is being built on the former headquarters of social care charity PSS, which Elliot Group acquired in June 2017, and will reach 11 storeys.

The scheme was designed by Falconer Chester Hall. Newry Construction is the contractor for the project, which is set to complete in June 2020.

In total, Wolstenholme Square includes more than 700 homes, 12,000 sq ft of ground floor commercial space and a hotel. All other elements are complete and tenants have begun to move in.

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NatWest enters the Liverpool market as it’s about to crash. Great timing.

By Doom monger

I wouldn’t count on it, Liverpool’s on the up steadily and surely!

By Roscoe

Grim

By Oh dear

On what basis is it “about to crash”?

By Doom and Gloom

Great well done!

By Carl

Another excellent addition to Liverpool’s burgeoning residential boom. Elliot certainly is doing very well, great to see! Now I wonder which city the negative comments originate from…..?

By Green

“Green”…from within. Some good sorts on Merseyside but many, many more that aren’t.
This isn’t Tomlinsons, McCormack, Russell or our favourite non paying hotelier. Natwest are wise to back the “strongest horse”

By Carl

This deal says a lot about Elliot Group’s provenance. NatWest will have put the company and its founder through the mill as far as due diligence is concerned, so all credit to them coming out the other side showing a clean pair of heels.

By Sceptical

I’m reading a lot about guaranteed rents not being honoured when the development is finished, is there anybody else that has experienced this?

By Phil

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