Sigma, the property, finance and urban regeneration group, has formed a joint venture company with Liverpool-based Neptune Developments.
The jv, called Neptune Inpartnership, has been set up to accelerate the delivery of Sigma’s regeneration projects in the city. It will develop commercial sites across the city and will share the development management fees and development profit on a project-by-project basis.
The sites will be allocated to the jv from urban regeneration work arising from Sigma’s partnership with Liverpool city council and Regeneration Liverpool.
Sigma said that the commercial developments are expected to generate fees and profit share in the order of 3-4% of the total development value of each project for it.
Neptune Inpartnership’s first project is the delivery of a major mixed-use development at Stonebridge Cross, with a total development value estimated at £120m. A hybrid planning application for the development is currently in preparation and the development is expected to be completed over the next three years. The scheme is expected to comprise a new secondary school, a 70,000 sq ft foodstore, ancillary stores, health centre, budget hotel and associated family pub as well as 450-500 homes.
The jv will also bring forward the regeneration of the Lime Street and the Knowledge Quarter area in the city centre. The total development value of the project is estimated at £140m, with the work taking place over the next three to five years. The project will require the preparation of both a masterplan and delivery plan covering the area, which is bounded by Lime Street, Mount Pleasant, The Metropolitan Cathedral/St Andrews Gardens and Lord Nelson Street.
Sigma is also already delivering an existing major regeneration project at Norris Green Village, which includes the development of 800 homes on a 63-acre site. It has a development value of around £120m.
samantha.mcclary@estatesgazette.com
