Leader1 Liverpool, a start-up residential developer backed by No Name Kitchens boss Eddie Reed and London-based investor William Pears Group, has won a contract with Liverpool City Council to refurbish and build homes in the city.
The contract, which is still subject to the completion of a legal agreement, will see £25.6m invested in refurbishing 149 houses and building 50 new homes. The properties are in the Granby Four Streets area, Webster Triangle and Arnside Road.
Leader1 Liverpool was selected following a tender process, which invited proposals to regenerate neighbourhoods following the withdrawal of the Government's Housing Market Renewal Initiative funding.
The project involves refurbishment of homes for sale and rent in a range of properties from two beds to five beds, as well as improvement to local streets. Work is expected to start in May and take about three years.
Cllr Joe Anderson, Labour leader of Liverpool City Council, said: "The partnership between Leader1 Liverpool and ourselves offers the potential to bring massive benefits to neighbourhoods in need of renewal in Liverpool. In tough economic times, it is more important than ever that we find creative ways to work with the private sector and bring in the investment so vital to our future. The city council is always looking at new ways of driving forward regeneration, improving housing and delivering major schemes for the benefit of our residents."
Paul Iredale, director of Leader1 Liverpool, said: "I believe that this is a fantastic opportunity, not just for ourselves, but for the whole of Liverpool. In the main, these are great houses, which when extensively refurbished and the areas renewed, will make fantastic homes and neighbourhoods for those families wanting for a property of their own."
Iredale is a chartered surveyor from nearby Huyton. His business partner is Eddie Reed, managing director of kitchen manufacturer No Name Kitchens, based in Liverpool.
The pair secured funding from family-owned William Pears Group which also has experience of working with Victorian housing refurbishment projects.
Chris Wheatcroft, director of residential estates at William Pears, said: "Our long term commitment to the city of Liverpool, Leader1 Liverpool and Liverpool City Council is to further future growth and development, particularly in the area of housing and regeneration.
"We are committed to use local craftsmen and businesses. Our investment will directly benefit Liverpool people and local families, bringing these properties back into use and we look forward to getting started on the ground. We have further plans to assist Liverpool City Council, to deliver regeneration on a comprehensive basis in these areas, and we will be sharing these plans with the Council soon."
Leader1 Liverpool was incorporated in October 2011.