Peel Land & Property is to develop its first scheme for the private rented sector, a residential tower within Liverpool Waters which will be operated by housing provider The Regenda Group.
At around 85,000 sq ft, the multi-storey apartment block in Princes Dock will be built by Peel as the company’s first PRS project, and then bought by Liverpool-based Regenda.
Sited on William Jessop Way, the £21m development will be made up of 105 one- and two-bed apartments which will be managed by Regenda’s subsidiary PRS company, Redwing Living.
There will also be commercial space on the ground floor.
It is likely to be called ‘Plaza 1821’, reflecting Princes Dock’s opening on the day of the Prince Regent’s coronation as George IV in 1821.
The project is the latest residential scheme planned at Liverpool Waters. Housing association Your Housing Group announced in October that it was working up plans for a 30-storey tower totalling 276 apartments, designed by Brock Carmichael. The flats will be delivered under the Hive brand, the housing association’s PRS arm. In September, Moda Living was granted planning permission for a 34-storey PRS tower, made up of 304 flats.
The developments form part of the wider £5bn redevelopment of Liverpool Waters.
Neil Baumber, Peel Land & Property’s development director for residential, said: “This is the first Peel PRS development project where Peel is acting as the developer and it’s a model we will use at some of our other sites across the North of England. In Liverpool we are delighted to be working with such a well-regarded housing provider as Regenda.
“This scheme also represents a major milestone in Peel’s wider vision to create a stunning waterfront for Liverpool following recent similar announcements. There is now significant momentum behind our plans as investors realise the potential and opportunity which this site offers.”
Regenda Group has an annual turnover of £62m and has built more than 500 properties over the last three years across Liverpool City Region, Greater Manchester, Lancashire and Cheshire.
Martin Davies, director of development at Regenda, said: “This will be Regenda’s biggest single property investment and a development that reflects our ambitions for the future.
“It’s an exciting and spacious scheme which will be a high quality development in a wonderful setting on the River Mersey. It will be the first of a series of city centre developments and will boost our portfolio of PRS stock, providing high quality homes for rent within the Liverpool Waters development.”
Peel and Regenda expect to submit a planning application early this year and begin construction later in the year. An architect has been instructed but is yet to be announced.