Sigma, the property and urban regeneration specialist, is pleased to announce that work is about to commence on the construction of the third phase of the Norris Green development, part of the £100 million new housing scheme being undertaken by Regeneration Liverpool (the partnership established between Liverpool City Council and Sigma’s subsidiary, Sigma Inpartnership Ltd, to assist with the regeneration of Liverpool). For this new phase, Sigma will receive c. £220,000, equivalent to around 3.8% of the gross development costs, of which c. £120,000 will be paid over 18 months with the balance payable on completion. Commencement of the scheme helps to underpin current market forecasts.
This third phase of the scheme comprises the construction of 63 new three and four bedroom homes in Norris Green Village, located five miles from Liverpool City Centre. The construction is being undertaken by Countryside Properties (UK) Ltd on behalf of the new venture company announced today between Sigma Inpartnership Ltd and house building specialist Countryside Properties (UK) Ltd. Of the new homes, 43 will be sold privately and 20 will be affordable homes. So far, the Liverpool Partnership has completed 115 new homes in the Norris Green Village development, with all of the private homes having been sold.
Graham Barnet, Chief Executive of Sigma, commented,
“This third phase of development represents further significant momentum in the redevelopment of Norris Green Village and is testament to the renewed confidence in the area that is reflected so positively in the form of new house sales. We look forward to continuing our relationship with Liverpool City Council and helping to realise the Council’s regeneration goal for the area.”
About Sigma Inpartnership
Sigma Inpartnership is a wholly owned subsidiary of Sigma and operates from offices in Manchester and Birmingham. Sigma Inpartnership was established as an investment led property-related regeneration company, specialising in the creation of long term, asset-backed partnerships with the public sector.
Sigma Inpartnership has secured three partnerships, with Liverpool City Council, Solihull Metropolitan Borough Council and Salford City Council, each ranging from 10 to 20 years’ duration. The partnerships hold long term option arrangements with the respective local authorities for a mix of residential, commercial, education and health opportunities. In total, the partnerships provide for the delivery of over 10,000 new homes, a significant number of new retail centres, health/medical centres, schools and mix of retail/ leisure facilities.
The total development value of the opportunities held within the three partnerships is estimated at over £2 billion.
About Regeneration Liverpool (also referred to as the Liverpool Partnership LLP)
Regeneration Liverpool is a limited liability partnership legally constituted as the Liverpool Partnership LLP and formed in March 2007 with Liverpool City Council. It has been established to re-develop any surplus land assets at the discretion of the Council.
Land in the Partnership can be developed using any combination of the following three scenarios: by the Liverpool Partnership – Sigma Inpartnership earns a management fee and participates in a profit share; by Sigma Inpartnership or an affiliate of Sigma Inpartnership – Sigma Inpartnership earns a fee and an agreed priority profit; or by the Liverpool Partnership selling a site on the open market – Sigma Inpartnership earns a percentage of the sales price achieved. At least 20% of the land must be disposed of by sale on the open market.