Liverpool-based developer Elliot Group has secured a £16.8m funding package from NatWest to complete construction of the final phase of its £100m Wolstenholme Square project.
The 155,000 sq ft building, known as The Address at One Wolstenholme Square, will provide 155,000 sq ft of new space and will include 32 studios, 102 one-bedroom apartments and 66 two-bedroom homes. There will be two commercial units on the ground floor.
The loan marks a change of direction for the developer which, to date, has funded its schemes through selling the apartments individually to investors, often overseas.
Director Elliot Lawless said: “We’re adopting a more blended approach to our funding, going forward.
“NatWest has been great to work with throughout the process and the move spreads our risk and exposure to different funding sources. We’ll remain active in the retail market via our agents Experience Invest because so many investors have asked to continue lending to us.”
The loan marks NatWest’s return to the Liverpool residential lending market. The bank’s regional director Hugh MacDonald said: “This is a great development for the local area and one we are only more than happy to be involved in. Elliot Group is a forward-thinking and exciting developer and the work being done on the Wolstenholme Square project is tremendously exciting.”
The block is being built on the former headquarters of social care charity PSS, which Elliot Group acquired in June 2017, and will reach 11 storeys.
The scheme was designed by Falconer Chester Hall. Newry Construction is the contractor for the project, which is set to complete in June 2020.
In total, Wolstenholme Square includes more than 700 homes, 12,000 sq ft of ground floor commercial space and a hotel. All other elements are complete and tenants have begun to move in.