City Lofts Group has announced the purchase of a new development site at Kings Waterfront, Liverpool, for £17.6m.
The urban mixed-use developer purchased the site in a 50:50 joint venture with David McLean Holdings from national regeneration agency English Partnerships.
The site was granted planning permission for 429 flats in three blocks in September 2006 and has a gross development value of £89.7m.
It forms part of the £390m Kings Waterfront development of 36.06-acres of Liverpool waterfront immediately to the south of the Albert Dock complex and will include a state-of-the-art arena, conference and exhibition facilities, retail and leisure and two hotels.
Stuart Wright, group chief executive of City Lofts, said: “This is an exciting development on the Liverpool waterfront and we are very pleased to be working with English Partnerships and in a joint venture with David McLean Holdings.”
