Soilbuild Group has made its first investment in Liverpool by agreeing to purchase Innovo House, a 124-unit student scheme on Devon Street.
The investor has agreed to forward-fund the project, which is being delivered by Mount Property Group, which bought the site from Devon Street Limited, a special purpose vehicle, in May 2018. The purchase price was undisclosed.
Designed by Falconer Chester Hall, the scheme includes 44 studio apartments and eight en-suite clusters of 10 beds each over seven floors.
Following the deal, Mount is due to start the project in May this year. The site is currently used as a car park; the area has seen a series of student schemes come forward, including YPG’s proposals for nearly 600 student flats at Gildart Street, approved by Liverpool City Council in late 2017.
Lim Han Feng, director of Soilbuild Group said: “We have been looking at the UK student accommodation sector for a while and believe that it offers a viable and defensive investment proposition. The macro dynamics work in our favour and we look forward to adding more similar investments in the near future.”
Michael Chrysokhou, managing director of Mount Property Group added: “Student property in Liverpool is a very attractive proposition to foreign investors, offering great returns and we look forward to introducing this long-established company to the benefits of doing business in the city.”