Sigma, the property and urban regeneration specialist, is pleased to announce that Regeneration Liverpool, the partnership between its regeneration subsidiary, Sigma Inpartnership Ltd, and Liverpool City Council, has signed a land option agreement to develop a significant commercial area south and east of Lime Street Station in the centre of Liverpool. The redevelopment of this area is a flagship development for the Council and has been listed as a priority project by the city Mayor. A master planning exercise will now commence which will result in the development of a series of mixed use commercial opportunities between 2014 and 2020.
The three hectare (7.4 acre) site extends from Lime Street to the east, and is bounded on its southern edge by Renshaw Street up to the city’s Knowledge Quarter. The regeneration project will be principally undertaken in association with Sigma’s affiliate company, Neptune Inpartnership, which was established in 2012 to develop commercial regeneration opportunities arising from Sigma’s relationship with Liverpool City Council. Sigma will receive 3-4% of the development value by way of fees and profit share.
As previously reported, Regeneration Liverpool is currently in the process of developing other key sites in the city including around 750 new homes at Norris Green, a 63 acre site located five miles from Liverpool City Centre.
Graham Barnet, Chief Executive of Sigma, said,
“I am delighted that Regeneration Liverpool has signed this option agreement with Liverpool City Council for the delivery of a major commercial area in the heart of the City. Significant improvements have been made to the Lime Street corridor in recent years, particularly to the new public realm outside of the station but much still needs to be done. Now that the option agreement has been signed, the next step will be to start to outline a master plan, which will revitalise this currently underused area of the city centre.”
Steve Parry, Managing Director at Neptune Developments, said,
“Lime Street and the Knowledge Quarter give us an opportunity to both dramatically improve the quality of the major gateway to the City and make a significant contribution to the development of the knowledge economy which is one of the Mayor’s key drivers for future growth.”
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