Sigma, the property and urban regeneration specialist, is pleased to announce that Liverpool City Council has this morning approved the proposed construction of 1,000 new rental homes under a major new funding model being developed by Sigma, which is expected to be concluded in September. The new funding model under development is not limited to opportunities in Liverpool but is also intended to encompass residential rental investment opportunities across cities and major urban areas in the North West of England and the Midlands.
The proposed new homes approved by Liverpool City Council are part of the Council’s wider objectives to deliver over 5,000 new and improved homes across Liverpool as part of its regeneration strategy for the City. In order to facilitate the construction of the 1,000 new homes, Liverpool City Council has resolved to allocate further development sites to Regeneration Liverpool (also known as the Liverpool Partnership, the partnership established between Liverpool City Council and Sigma’s subsidiary, Sigma Inpartnership Ltd, to assist with the regeneration of the City). The additional development sites will comprise a range of locations across Liverpool and the new homes will be made available to the private rental market over the next three years. Sigma via Regeneration Liverpool already holds outline planning consent for around 800 new homes in Norris Green, the 60 acre site which is being regenerated.
It is intended that the major new housing scheme will be financed through an equity fund model, currently in development by Sigma and that Sigma will provide a professional long term management function to manage the completed units. This proposal has the potential to deliver a new professionally managed rented sector housing tenure model for Liverpool City.
Graham Barnet, Chief Executive, commented,
“I am delighted that Liverpool City Council has approved our innovative proposal to deliver 1,000 new rental homes through our new private equity funding model, which we are currently developing. The model will also encompass residential rental investment opportunities in the Midlands and North West of England. We are aiming to bring the fund to fruition by the time of our half year results in September.
We are committed to assisting the Council with achieving its regeneration aims for Liverpool, including the construction of new homes and the redevelopment of commercial areas in the City.”