Grosvenor secures residential rental deals in Liverpool

Grosvenor has agreed leasing deals with two residential specialists for 173 apartments above the retail element of Liverpool One.

BridgeStreet Worldwide will lease 78 units as serviced apartments aimed at business and leisure travellers seeking extended stay accommodation.

Plus Dane Group will form a new venture to lease the remaining 95 apartments in four buildings, at below market rent for key workers under the brand Liverpool One Apartments.

Grosvenor said the deals give it low vacancy and strong management control as well as giving life to the streets within the scheme at all times of the day.

Chris Taite, fund manager for the Grosvenor Liverpool Fund, said: "Through our experience of Grosvenor's London estate we understand the symbiotic relationship between retail and residential. The residential element within Liverpool One brings with it added liveliness and variety to Liverpool's city centre which will help ensure its long term social and economic success for the benefit of all stakeholders."

Max Thorne, BridgeStreet Worldwide's vice president of development for Europe, added: "Liverpool is the perfect city to complement BridgeStreet Worldwide's recent expansion throughout the UK."

The 173 apartments in the retail element of the scheme will all be completed by the end of 2008. Liverpool One's Grand Opening Event is on 1 October. Liverpool One includes 326 apartments within the Cesar Pelli-designed One Park West which will complete in spring 2009.

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