Hermes Investment Management and Countryside’s property fund Vista have entered into an agreement to buy Promenade Estate’s Baltic Village in a £50m forward purchase deal.
The private rented sector scheme is being brought forward by Promenade, formerly known as Neptune Investments, on a long-stalled eyesore site close to Liverpool’s world heritage waterfront and Liverpool ONE.
The three-tower residential development designed by Falconer Chester Hall is being built out by Balfour Beatty. The towers range between eight and 13-storeys. There will also be commercial space, a gym and concierge, and underground car parking for 358 cars.
The project is due to complete in September 2016. Promenade will continue to develop the scheme, which is being financed by HSBC, until it is finished.
Upon completion the scheme will be handed over to Vista.
Peter Hynd, chairman of Promenade Estates, said: “PRS is a term that has been thrown around a lot recently, but what sets the Baltic Village apart in this sector is the high quality of the product. Location, specific design, and customer service are crucial to achieve an outstanding private rented scheme and we have worked hard to ensure that the Baltic Village will encapsulate all these things to make it truly successful.
“It’s also great news for Liverpool to be able to attract Grade A investment to the city and demonstrates its leading power in property and investment in the North West.”
Promenade Estates said it is actively seeking new investment opportunities in the North West to add to the company’s portfolio, which includes Marine Point, the £60m regeneration of New Brighton and Queen Square in Liverpool.