Sigma, the property and urban regeneration specialist, is pleased to announce that Regeneration Liverpool, the partnership established between Liverpool City Council and Sigma’s subsidiary, Sigma Inpartnership Ltd, to assist with the regeneration of Liverpool (“the Partnership”), has signed an option agreement to develop the 12-acre site of the former Queen Mary School into 164 new homes. The total gross development value of the scheme is approximately £27 million. Under the terms of the development agreement, this project will generate income to Sigma of around £800,000 over the next five years.
The new residential development will consist of two, three and four bedroom homes. It is expected that a proportion of the houses will be sold on the open market with the balance being available for rent. The Partnership will now focus on securing planning permission for the construction of the new homes, which will be built and marketed though Sigma’s joint venture, Countryside Sigma (established with house building specialist Countryside Properties (UK) Ltd). Construction of the new homes is expected to commence later this year.
As previously reported, Regeneration Liverpool is currently in the process of developing a number of other key sites in a range of locations across Liverpool, including over 700 new homes at Norris Green. Sites under option include the Stonebridge Cross and Lime Street/Knowledge Quarter developments.
Graham Barnet, Chief Executive of Sigma, said,
“I am delighted that Regeneration Liverpool has signed an option to transform the 12-acre Queen Mary school site into a major new residential development of around 164 high quality new homes. This marks another significant step forward in Liverpool City Council’s regeneration objectives across the City. We will now start our consultation process and seek to obtain planning permission for the scheme and I look forward to moving on to site as soon as possible.”
Liverpool City Council’s Cabinet Member for Housing, Councillor Ann O’Byrne, said:
“This is another significant step in meeting the Mayoral pledge on housing. We are delivering good quality homes of the type people want throughout the city and I am very pleased that Regeneration Liverpool is planning to bring this site back into use.”
Company website: www.sigmacapital.co.uk
Notes to editors:
About Sigma Inpartnership
Founded in 2001 and operating 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 three partnerships, with Liverpool City Council, Solihull Metropolitan Borough Council and Salford City Council, each ranging from 10 to 20 years’ duration. Each partnership holds long term option arrangements with its respective local authorities for a mix of residential, commercial, education and health opportunities. In total, the partnerships provide for the delivery of around 10,000 new homes, a significant number of new local retail centres, health/medical centres, schools and major retail/ mixed use commercial facilities.
The total development value of the opportunities held within the three partnerships is estimated at over £2 billion.
About the Regeneration Liverpool (also referred to as the Liverpool Partnership)
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 Neptune 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 per cent. of the land must be disposed of by sale on the open market.
For more information visit www.regenerationliverpool.co.uk