Moda Living and Apache Capital Partners, through their Private Rented Sector (“PRS”) Joint Venture (“JV”), have confirmed the submission of a planning application to Liverpool City Council for their £80 million premium PRS development on Princes Dock.
The development forms part of the wider £5.5 billion regeneration of Liverpool Waters and the application is expected to go to Planning Committee later this summer.
The development, which will be fully funded by Apache Capital, is a landmark 34-storey building, which will provide 304 apartments for rent, all finished to a high specification. The building will have a 24-hour managed concierge as well as state-of-the-art communal facilities, including a 17th floor residents’ lounge, gym, roof terrace, garden, fitness studio and a cinema.
The development will be a high quality architectural building that takes its inspiration from the historical relationship of Liverpool with New York and complements the existing local mercantile architecture including the Liver Building, the Cunard Building and the Port of Liverpool Building.
The building will play a prominent part in the Liverpool Waters masterplan, which will see the regeneration of 60 hectares of historic dockland into a world-class, mixed-use waterfront development quarter in Liverpool City Centre. This will create a new landmark on the Liverpool Waterfront, a UNESCO World Heritage Site and one of the largest single-ownership port-city development schemes in Europe.
This is the second asset to be delivered through the Apache Capital and Moda Living JV partnership, following Apache Capital fully funding the JV’s £128 million 466-unit Angel Gardens development in Manchester. The JV partnership has to date secured a PRS development pipeline comprising approximately 5,000 units located in prime city centre sites across the UK’s major regional cities with an end GDV of £1 billion.
Tony Brooks, Joint Managing Director at Moda Living, said: “Liverpool is one of the most dynamic, stylish and sociable cities in the UK. Our development will deliver much-needed homes for rent with fantastic amenities in a 24-hour managed building which will provide the best space for residents to socialise and relax as well as opportunities for those who want their workplace on their doorstep.
“The genuine passion from the City Council and the Mayor, as well as support from the local community has been overwhelming. We have worked in collaboration with Peel on their masterplan for this unique part of the city and are very excited about our first Moda Living development in Liverpool.”
Richard Jackson, Co-founder and Managing Director of Apache Capital Partners, said: “This building has been designed to provide a legacy for Liverpool and its historic skyline. It will offer our customers a new aspirational residence and lifestyle that does not yet exist in Liverpool, combining the highest levels of design, amenities and services. Our investors continue to strongly support the funding of our secured premium PRS development pipeline across prime regional UK cities that we will own and operate for the long term.”
Lindsey Ashworth, Development Director for the Peel Group, said: “Our vision for developing this important waterfront and creating unique neighbourhoods in this historical part of the city will make it an incredibly vibrant and exciting place to live and provide quality accommodation for a growing city.”
Malcolm Kennedy, Cabinet lead for Regeneration at Liverpool City Council, said: “We have worked with Moda Living to provide a significant and well designed contemporary building, bringing forward the first phase of development at Princes Dock for Liverpool Waters. This will provide much needed new homes for our cities growing population.”