The site of a former Liverpool department store is well on its way to becoming the city centre’s latest residential development.
Milliners Yard, as the £30m regeneration scheme is known, is located on the site of the former TJ Hughes store. This month, the project hit a major milestones when the project team and stakeholders gathered for the topping out ceremony.
The scheme is funded through a joint venture by housing association Home Group and Columbia Threadneedle Investments (CTI), formerly BMO Real Estate Partners.
The venture resulted in the BMO UK Housing Fund, which was set up to accelerate the delivery of “affordable” homes for rent aimed at key workers.
Also known as ‘Hughes House’ because of its previous use, Milliners Yard is delivering 258 low-carbon apartments, situated above retail and commercial space on the ground floor. Of the apartments, 144 will have one bedroom, 99 will have two, and there will be 15 studio flats.
Lead contractor Equans was joined by representatives of Home Group and CTI for the topping out ceremony.
The scheme is set to complete next year and the homes will be presented under a ‘flexible rent’ approach.
Kitson Keen, Home Group’s director of development, explained: “Flexible Rent is a scalable ‘build to rent’ product, which provides a high-quality mix of private and discounted rented homes for people on a variety of incomes.
“As well as local key workers, the fund will satisfy the needs of a range of other stakeholders – from local authorities through to investors and central government.
“As a country, we aren’t going to be able to build the homes we need without innovative approaches. A larger, professionally managed private rented sector will have a positive impact in driving up standards.
“The Milliners Yard development is the first in what we expect to be many more similar developments to emerge across the UK.”
Emma Gullifer, co-fund manager of the CT UK Residential Fund at Columbia Threadneedle, said: “We are proud to be marking this major milestone in the construction of the Fund’s first development project.
“Milliners Yard will be a landmark scheme for the Fabric District in the heart of Liverpool, providing quality build to rent apartments to residents at locally attainable rents.
“The inclusion of Flexible Rent, providing a dynamic mix of market rent and discounted market rent units, creates a scheme that can continue to cater to the local renting community while contributing to the regeneration of the Fabric District area.”
According to the project partners, Milliners Yard is “ideally located” for people working at some of the largest key worker organisations in the city.
They cite institutions like the Royal University of Liverpool Hospital, as well as both Liverpool John Moores University and The University of Liverpool; all within walking distance of the development.
Alyson Seddon, Equans’ construction director, said: “It was great to have colleagues, partners and stakeholders come together at the scheme to celebrate this major milestone. The project is key to the ongoing regeneration of Liverpool city centre, and Equans is proud to be a part of this.”
Main image: Project partners celebrate the ‘topping out’ of Milliners Yard, Liverpool city centre. Courtesy of Equans
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