Leading Liverpool-based developers Nexus Residential and Legacie Developments have secured an £11 million funding coup for Element – The Quarter, a major new eco-development.
The £45million apartment scheme on Low Hill, which sits just north of the city centre, boasts a range of sophisticated eco-friendly features and low-carbon technologies, including solar panels, e-car charging points, air-source heat pumps, rainwater recycling system and a smart system to reduce electricity consumption within apartments.
A joint venture between Nexus Residential and Legacie Developments, earlier this year they announced a commitment to plant almost 50,000 trees in the Amazon Rainforest as part of their commitment to a sustainable future in the construction industry.
Award-winning investment house RWinvest, which specialises in buy to let investments on prominent residential developments, has led the international sales drive on the project comprising 316 residential apartments plus purpose-built accommodation for 141 students and commercial units.
Manchester-based specialist lender, Together, has provided a development facility for Element. The latest funding comes after Nexus and Legacie announced a multi-million pound funding facility with the finance group – which has a £4.8bn loan book – in June for its City Residence – Apartments project in north Liverpool.
Meanwhile the Element’s first apartments are set to be delivered in early 2023.
John Morley, CEO of Legacie Developments, said: “It is fantastic to be working with Together again on another major development. The funding deal will help unlock further local jobs and training opportunities for young people.
“Their investment will help us bring to life an eco-development which Liverpool can be proud of.
Not only that, attracting major inward investment is also great news for the city’s property and construction sector as it bounces back from Covid-19.”
Michael Gledhill, Managing Director of Nexus Residential, said: Having a large institutional funder like Together backing another of our developments is a major vote of confidence. Works are progressing well on site, and we are excited to deliver 100s of quality new homes in Element next year.
Once again it underlines our commitment to Liverpool; promoting the city to institutional lenders such as Together and successfully delivering multiple landmark developments here. Our partnership with Legacie is successfully creating new homes, thousands of jobs for local people, as well as bringing in new ongoing revenue streams for the local authority.”
Chris Taylor, Director of Origination at Together, said: “This excellent scheme, once complete, will provide a luxury living and leisure space for postgraduates and professionals. This is another example where we have stepped in alongside a trusted partner to complete a part-built scheme that had stalled and had become an eyesore in the surrounding area.”
Legacie Developments has partnered with Nexus Residential on other major developments including Liverpool’s One Baltic Square. The first blocks on the flagship 296-unit scheme on the edge of the city’s Baltic Triangle are expected to be complete by the end of 2022.
