A Liverpool developer has secured £60m funding to help deliver the redevelopment of a former mill in Liverpool city centre.
Heaps Rice Mill, situated on the edge of the Baltic Triangle, is the centre of £140m redevelopment plans which would see the site become home to 620 apartments and commercial space, with an underground spa also part of the vision. The project is being brought forward by Legacie Developments who started work on the site in December 2022.
The developers have now announced the project has been backed by £60m from the Merseyside Pension Fund. The encompassing project has a predicted gross development value of around £140m and it is aiming to create 200 jobs and training opportunities.
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The hundreds of apartments will be built on the site across five phases, according to Legacie. The Grade II* listed building is one of the last surviving warehouses in the area which has been the centre of large scale redevelopment in the last decade.
The development funding is the largest deal struck by the developer in Liverpool to date. Legacie has partnered with international sales agent RWinvest to promote the scheme, which, according to the developer, 85% of units have been pre-sold.
John Morley, Founder and CEO of Legacie Developments, said: “This is the start of an exciting new lending relationship with the Merseyside Pension Fund. The investment will help us bring to life an historic Liverpool landmark - unlocking local jobs, training opportunities and economic growth.
“Having the support of such a prestigious pension fund is a big vote of confidence in our company and the largest funding deal in Legacie's 10-year history. I'm really looking forward to delivering hundreds of much-needed new homes and amenity for the city."
Henry Randolph, Senior Director, CBRE Capital Advisors commented: “We are delighted to have structured this loan on behalf of the Merseyside Pension ‘Catalyst’ Fund. It is a great example of how a local authority pension fund can invest in their own region while maintaining strict risk controls and achieving a commercial return. With existing schemes like Parliament Square, Legacie has proven they are capable of successfully developing large placemaking schemes to a high standard. At Heaps Mill, the quality of design, provision of amenity and proximity to the best areas of the city will help to make this an attractive scheme for residents."
Chairman of the Merseyside Pension Fund’s Committee, Councilor Pat Cleary, added: “Despite Liverpool being an increasingly attractive city to live and work in, housing completions have remained a fraction of their pre-financial crisis levels, especially for quality schemes with strong environmental credentials, such as Heaps Mill. As well as helping to alleviate the housing crisis in Liverpool, the units will be far more environmentally friendly than existing stock, utilising air-source heat pumps, MVHR systems and retaining the historic Heaps Mill building fabric in the redevelopment.”
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