Dylan Harvey Group has paid £70m to buy all 376 apartments in Neptune and Countryside's Mann Island scheme in Liverpool.
The massive off-plan swoop by the Lancashire-based developer-investor, behind Clippers Quay in Salford Quays, values the units at an average of £186,000. The new owner intends to resell to other investors and owner-occupiers. More than half of the units have been reserved already.
Steve Parry, managing director of Neptune, said: "The deal confirms the underlying strength and confidence of Liverpool's residential market."
The site could not be more prime; sitting alongside the Port of Liverpool Building and the Pier Head's famous riverside frontage.
The apartments will be contained in two black granite-clad angular blocks towards the river, with a 100,000 sq ft office building to the rear, all designed by Broadway Malyan. Merseytravel is in talks with Neptune to acquire the offices, competing with English Cities Fund's St Paul's Square for the lucrative pre-sale.
Toby Whittaker, Dylan Harvey's group managing director, said: "We are very proud to have purchased the best residential site in Liverpool's history. Sales have been very strong with over half of the site reserved already."
Martyn Green, partner at King Sturge's residential team in Liverpool, brokered the deal for Neptune/Countryside.
Contractor HBG started on site in September and the first apartments will be ready for occupation in the first quarter of 2009. The entire scheme, which includes a new public square and extensive retail and leisure, will be completed in 2010.