Peel and The Regenda Group invest in PRS Market
Peel Land and Property is to develop a residential tower within Liverpool Waters for The Regenda Group, one of the region’s leading housing providers.
At around 85,000 sq ft, the multi-storey apartment block in Princes Dock will be built by Peel as the company’s first Private Rented Sector (PRS) development project and bought by Liverpool-based Regenda.
Sited on William Jessop Way, the £21 million development will comprise 105 one and two bed apartments which will be managed by Regenda’s subsidiary PRS company, Redwing Living. There will also be commercial space on the ground floor.
It is likely to be called ‘Plaza 1821’, commemorating Princes Dock’s opening on the day of the Prince Regent’s coronation as George IV in 1821.
The development forms part of the wider £5 billion redevelopment of Liverpool Waters.
Neil Baumber, Peel Land and Property’s development director for residential, said: “This is the first Peel PRS development project where Peel is acting as the developer and it’s a model we will use at some of our other sites across the North of England. In Liverpool we are delighted to be working with such a well-regarded housing provider as Regenda.
“This scheme also represents a major milestone in Peel’s wider vision to create a stunning waterfront for Liverpool following recent similar announcements. There is now significant momentum behind our plans as investors realise the potential and opportunity which this site offers.”
Regenda Group has an annual turnover of £62 million and has built more than 500 properties over the last three years across Liverpool City Region, Greater Manchester, Lancashire and Cheshire.
Martin Davies, director of development at Regenda, said: “This will be Regenda’s biggest single property investment and a development that reflects our ambitions for the future.
“It’s an exciting and spacious scheme which will be a high quality development in a wonderful setting on the River Mersey. It will be the first of a series of city centre developments and will boost our portfolio of PRS stock, providing high quality homes for rent within the Liverpool Waters development.”
Peel and Regenda expect to submit a planning application early this year and begin construction later in the year.
News of the development comes just two months after detailed planning permission was given for a 34-storey tower on an adjacent site and last month’s announcement that proposes to build a 30-storey tower, also on William Jessop Way at Princes Dock.