Liverpool-based developer Promenade Estates has completed the sale of its Baltic Village PRS scheme to Vista Fund for a fee in excess of £50m.
Following a 30 month construction period under a JCT contract with Balfour Beatty, Promenade have handed over the keys to all 324 units on the development.
The units have the benefit of views across to the city’s famous Albert Dock and Pier Head and provide a mix of 1, 2 and 3 bedroom homes. It remains the only ‘true PRS’ scheme to be developed and sold in the city, says Promenade chairman Peter Hynd.
“Once again, we’ve attracted high quality funds in to Liverpool and demonstrated the market’s appetite for well-located and well-conceived product,” said Mr Hynd.
“The scheme was designed with PRS best practice at its heart, and the quality of construction and finishes was set out at the outset to institutional standards, which sets the scheme apart from many other residential developments in the city. This enabled Promenade to secure bank funding to deliver the scheme. Promenade originally set out to retain ownership and operate the scheme, however the quality of concept and location began to attract interest from many institutional PRS funds. A conditional sale was agreed with Hermes and Vista six months into construction.”
Vista Fund, a joint venture between Hermest Investment Management and Countrywide Plc, has now rebranded the scheme Cargo Building and has taken responsibility for the marketing of the homes, which are all fully-furnished, and lettings are said to be ‘brisk.’
Promenade had rescued the site after it had fallen in to administration, with just its basement and core built. Incorporating both in to a new scheme presented a number of challenges, says Peter Hynd.
“We took a site that was blighting Liverpool’s waterfront and have transformed it in to a thriving community. The engineering and warranty issues were considerable, but tough sites have never held any fears for us. We’re now assessing a number of opportunities, with a preference for Merseyside and the wider north west.”