Forward funding deal completed for Patten Properties and Panacea’s transformational BtR development on The Strand in Liverpool
A joint venture between Patten Properties and Panacea Property Development has yesterday (February 19th 2018) completed a deal which will see its transformational build to rent (BtR) development on Liverpool’s historic waterfront transfer into single institutional investment ownership.
The full investment deal has been concluded with global real estate investment manager, Invesco Real Estate (Invesco). Simultaneously, a building contract to deliver the scheme has been completed with Graham Construction with work due to start on site immediately.
The 16-storey residential development will comprise 383 luxury apartments with stunning views across the iconic waterfront buildings such as the Three Graces and the Albert Dock as well as across the city centre to the rear. Occupiers of the completed development will benefit from a prime location adjacent to Liverpool One shopping and leisure development, private gym, private meeting rooms, and a residents’ roof garden.
The scheme has been designed sensitively around a number of elements and materials from the surrounding waterfront buildings including Mann Island, the Three Graces and One Park West, to ensure that the development makes a positive and integrated contribution to the city’s skyline.
Neil Patten, Managing Director of Patten Properties and Panacea Property Development, said:
“The scale and location of this development in such a prominent location deserves the best investment, management and delivery partners. After a long process we are delighted to announce our forward funding deal with Invesco.
“We have owned the site for a long time and worked very closely with Liverpool City Council to ensure that our plans for this important scheme were in line with their own high aspirations for the site and the wider area.
“The development we have designed within the city’s historic waterfront will set a new standard for residential accommodation in Liverpool. We look forward to delivering the scheme with our chosen contractor, Graham Construction, alongside our professional team including Leach Rhodes Walker, Capita and Curtins.”
Construction is set to start on site immediately.
JLL acted on behalf of Panacea.
The professional team that acted on the project are: Leach Rhodes Walker (architect), Zerum (planning), Curtins (engineer), Squire Patton Boggs (Patten / Panacea lawyer), Pinsents (fund lawyer), Capita (M&E and project management, QS), Design Fire Consultants (Fire Engineer), Redmore (acoustics), DEP (landscape).
How Manchester based Patten and Panacea’s BtR development on The Strand in Liverpool could look on completion
How Manchester based Patten and Panacea’s The Strand BtR will look from The Dock