Town Square Group concludes £40M Liverpool housing scheme with BMO UK Housing fund

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Investment News
26 Oct 2021
2 min read
Blog
Investment News

Town Square Group concludes £40M Liverpool housing scheme with BMO UK Housing fund

26 Oct 2021
2 min read
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Town Square Group completes the sale to the Bank of Montreal UK Housing Fund to herald the delivery of a significant £40Million City Centre housing development in Liverpool.

The landmark sale and the conclusion of the Turnkey agreement between all parties is a significant win for the Fabric District and Liverpool City Council. With new development forward funded by the Bank of Montreal’s UK Housing Fund, there is no doubt that it will regenerate the local area and bring needed social and affordable housing to the City Centre.

The demolition of Hughes House due to begin in September 2021 will make way for a 10 storeys building and will contain 258 residential apartments providing much needed market rents and discounted rents to the city centre, which will be offered on flexible leasing terms by its operator Home Group.

The 40-million-pound project will feature a selection of 15 modern studios, 144 one- and 99 two-bedroom apartments, will also offer commercial space that will occupy the ground floor.

London and Manchester based Town Square Group have collaborated with Home Group to bring the modern, high-specification apartments in the heart of the city centre to life, and will deliver the project as a turnkey product to the Bank of Montreal.

The land deal, headed by the founder of Town Square Group Anil Juneja, has been three years in the making and is an important landmark statement for the Group. Town Square Group will be working with Home Group and the project team consisting of UK Land and Property and ENGIE Group’s division Equans to deliver the project.

Mr Juneja explained:

“This scheme is a major win for the City and we are proud to have spearheaded its creation from concept to conclusion. Town Square Group understands the importance of the need and demand for high-quality and affordable housing in Liverpool’s city centre and this will be the first of many that we aim to deliver. The development has received great supported from Liverpool City Council and the Fabric District CIC and will help to provide much needed employment to the Fabric Quarter as well as regenerate the local area around London Road.”


Peter Lowe, fund manager at BMO Real Estate Partners added:

“This acquisition provides us with an opportunity to support the delivery of affordable private rental housing in Liverpool while also generating sustainable, inflation-linked long term income returns for investors. The scheme will enable us to satisfy local demand, particularly from key workers employed within the local authority,”.

Mr Juneja said:

“This will be the first of many from the Town Square Group and we applaud everyone that have been part of this project and we aim to work with the Bank of Montreal’s UK Housing Fund and Home Group on future collaborations.”