Monday, October 24, 2016
Sigma Capital Group plc
("Sigma" or the “Company”)
Commencement of £39m Regeneration Scheme
in Liverpool City Centre
Sigma, the regeneration and private rented sector specialist, is pleased to announce the launch of a major £39m regeneration scheme, immediately adjacent to Lime Street Station in the centre of the Liverpool, having secured funding terms. The scheme is part of Sigma’s long standing partnership with Liverpool City Council, Regeneration Liverpool.
Funding has been secured with Curlew Student Trust (“Curlew”), a new funding partner, and the scheme will comprise 28,000 sq ft of retail and leisure units, including a 101-bedroom hotel, pre-let to Premier Inn, and a 412-bedroom student accommodation building.
Sigma’s commercial development partner, Neptune Developments Limited, will commence construction before the end of the year, with planning permission having already been obtained in August 2015.
Graham Barnet, Chief Executive of Sigma, said:
“I am delighted to announce that we have secured funding for this major redevelopment in the heart of Liverpool, next to Lime Street Station, and would like to thank our partner, Neptune Developments, for all their efforts in managing the development aspects of the project on behalf of our partnership.
The scheme forms part of the regeneration of the Lime Street and Knowledge Quarter areas, a project which is seen as a flagship development for the City. Together with our partner, Neptune Developments, we are delighted to help realise another objective in Liverpool City Council’s broader regeneration aims.”
Steve Parry, Managing Director of Neptune Developments, commented:
“We are very pleased to commence the redevelopment of the area around Lime Street Station. The scheme forms the first phase of our Knowledge Quarter project and will have a major impact on the gateway to Liverpool City Centre. We are aiming to bring exciting new retail and leisure operators to the area and we are already making good progress in negotiations with a number of parties.
We very much look forward to realising our efforts and creating a vibrant new neighbourhood in Liverpool.”
|Sigma Capital Group plc||Graham Barnet, Chief Executive||T: 020 3178 6378 (today)|
|Malcolm Briselden, Finance Director||T: 0131 220 9444|
|KTZ Communications||Katie Tzouliadis, Viktoria Langley,||T: 020 3178 6378|
|N+1 Singer||James Maxwell, Sandy Ritchie||T: 020 7496 3000|
|(NOMAD and Broker)|
About Sigma Capital Group plc
Sigma is a PRS, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the Private Rented Sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors.
About Regeneration Liverpool (also referred to as the Liverpool Partnership LLP)
Regeneration Liverpool is a limited liability partnership legally constituted as the Liverpool Partnership LLP and formed in March 2007 with Liverpool City Council. It has been established to re-develop any surplus land assets at the discretion of the Council.
Land in the Partnership can be developed using any combination of the following three scenarios: by the Liverpool Partnership - Sigma Inpartnership earns a management fee and participates in a profit share; by Sigma Inpartnership or an affiliate of Sigma Inpartnership - Sigma Inpartnership earns a fee and an agreed priority profit; or by the Liverpool Partnership selling a site on the open market - Sigma Inpartnership earns a percentage of the sales price achieved. At least 20% of the land must be disposed of by sale on the open market.