An additional 1,000 new homes for private rent are set to be built in Liverpool over the next three years, after the council approved plans for a Private Equity Fund to deliver the properties.
Sigma Capital, which owns regeneration specialist Sigma Inpartnership, is in the process of putting together the fund for the construction of new private rental houses throughout the North West and Midlands – a large portion of which will be built in the Liverpool area.
The Mayoral Cabinet has now endorsed the plans and is now looking to allocate additional development sites in the city to Regeneration Liverpool – a joint venture between the city council and Sigma Inpartnership – to deliver the properties.
Graeme Hogg, director at Sigma Capital, said: “Our fund will deliver significant numbers of homes to the Mayoral target in Liverpool, starting with an initial investment in Norris Green and at the former Queen Mary School site.
“In order to accelerate delivery, we were looking to Council for more geographic diversity of sites, so we are extremely pleased that the paper was approved for the addition of another 1,000 new homes. We can start to set the wheels in motion for what will ultimately have a major and positive impact on the rental housing market in the city.”
Councillor Ann O’Byrne, the city council’s Cabinet Member for Housing, said: “Everyone deserves to live in a decent home, and that’s why we’re working hard on a number of initiatives to deliver new properties in every part of the city. This new fund will give our work a real boost, bringing in much-needed investment in our private rented sector.
“It will support the Mayor’s pledge to build 5,000 new homes in this city over the next three years. And it will mean many more people in this city will be able to look forward to moving into new, high quality homes.”
Regeneration Liverpool is an active and successful public/private partnership working with Liverpool City Council to help deliver its ambitious regeneration strategy for the city and to contribute tangibly to the Mayoral targets. Regeneration Liverpool is currently in the process of regenerating key development sites throughout Merseyside, including Norris Green and Stonebridge Cross Croxteth.