Tuesday, February 10, 2015
Construction commences on 200 new homes in Liverpool with 64 homes designated for Private Rented Sector (“PRS”)
Sigma Capital, the residential and urban regeneration specialist, is pleased to announce that its regeneration partnership with Liverpool City Council, Regeneration Liverpool, is commencing the construction of 200 new homes, with a total development cost of £27.0 million, at the former Queen Mary school site in the Fazakerly district of north Liverpool.
64 of the new homes will be constructed and made available to rent under Sigma’s PRS joint venture with Gatehouse Bank plc (“Gatehouse”), with the total development cost of these units estimated at approximately £6.7 million. The remaining 136 homes will be built for private sale, with development being undertaken by Countryside Sigma, the Group’s joint venture with Countryside Properties (UK) Ltd. A mix of quality two, three and four bedroom homes is planned across the site and construction is expected to be completed over approximately 36 months. The rental element will be delivered at a rate of approximately 10 units per month, with all rental units expected to be completed by the end of 2015.
Sigma, via Regeneration Liverpool, is working with Liverpool City Council to help the council deliver its ambitious regeneration strategy for the city and to contribute to the Mayoral target of building 5,000 new homes for the city by 2016. Regeneration Liverpool is also currently in the process of regenerating key development sites throughout Merseyside, including Norris Green and Stonebridge Cross, Croxteth.
Sigma’s PRS joint venture with Gatehouse has commenced the construction of an initial phase of 927 new rental homes across the North West with a total development cost of approximately £100 million, creating one of the first large scale PRS platforms in the UK. These 64 new homes in Liverpool will form part of the initial tranches of new homes to be constructed across 14 sites in the North West.
Liverpool City Council’s Cabinet Member for Housing, Councillor Ann O’Byrne, said:
“This is a project which will increase the supply and choice of good quality housing in the north of Liverpool and will be a significant element in meeting the Mayoral pledge on building new homes in the City.”
Graham Barnet, Chief Executive of Sigma, said:
“I am delighted to see our partnership with Liverpool City Council continue to progress. There is an urgent need for new homes – both for rent and for sale – in the region and we are pleased to play a part in helping to deliver them.
I am also very happy to see that a proportion of the new homes are being delivered through the PRS platform we have created and which commenced activity in November 2014. The mixture of tenures is a new development for the area and will give people a choice as to whether to buy or rent these high quality family homes. This development, which is being delivered at an accelerated rate, will transform a site that has lain derelict for so long.”
Sigma Capital Group plc
Graham Barnet, Chief Executive
Malcolm Briselden, Finance Director
T: 0131 220 9444
Katie Tzouliadis/ Deborah Walters
T: 020 3178 6378
N+ 1 Singer
James Maxwell / Ben Griffiths
T: 0207 496 3000
Company website: www.sigmacapital.co.uk
Notes to editors:
About Sigma Capital Group plc
Sigma is a residential development and urban regeneration specialist, with offices in Manchester, London and Edinburgh. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors. Sigma's principal focus is now on the delivery of large scale housing schemes, initially for the Private Rented Sector ("PRS").
About Regeneration Liverpool
Regeneration Liverpool, (legally registered as Liverpool Partnership LLP) is a Limited Liability Partnership, established to assist Liverpool City Council with its ambitious regeneration strategy for the city and to contribute tangibly to the Mayoral targets.
The partnership, formed in March 2007, is a joint venture between Liverpool City Council and Sigma’s subsidiary, Sigma Inpartnership Limited. Regeneration Liverpool’s is a city wide partnership or Asset Backed Vehicle that the city can use to redevelop any surplus land assets at its discretion. The partnership is a long term vehicle that in the first instance is regenerating approximately 63 acres of the former Boot Estate in Norris Green.
Regeneration Liverpool is managed by a board consisting of three Liverpool City Council representatives and three Sigma Inpartnership representatives.
About Gatehouse Bank plc
Gatehouse Bank plc (the "Bank") is an investment bank based in the City of London, authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. Founded in 2008, the Bank invests in accordance with Shariah principles with divisions in Real Estate Investment, Real Estate Finance, Treasury, Wealth Management, and Shariah Advisory. Seeking to preserve and grow wealth for its clients, the Bank is built on combining international financial market expertise with excellence in Shariah principles. The Bank advises funds with approximately $2 billion assets in the United States and United Kingdom.
Founded more than 50 years ago, Brentwood-based Countryside develops private and affordable homes on green field and brownfield sites through partnerships with landowners, registered providers and local authorities. The Company’s success in creating residential developments and major new communities that generate value and benefit local people has given it a reputation that sets it apart. Countryside specialises in working in partnership to create mixed-tenure and mixed-use schemes including estate regeneration.
With a multi-billion development programme, Countryside’s principal areas of operation are in London, the South East, East and North West of England.
Countryside creates places of character and quality, designed to strengthen people’s sense of belonging and build enduring value for all. This is achieved through creating new homes and neighbourhoods of lasting quality.
All Countryside’s developments and homes carry a signature style and character, designed to work for the way people live today with materials and landscaping that reflect its commitment to quality. The Company’s exacting standards and sustainable credentials combine to create places that will stand the test of time.