Homes on tap at Liverpool brewery scheme

The redevelopment of the former home of Cains Brewery in Liverpool has been kickstarted with the launch of a PRS-led scheme doubling the number of homes of an earlier plan. The 1,416-home scheme, Brewery Village – which will include a 196-bedroom hotel and a micro-brewery producing Cains beer – is one of the largest residential-led opportunities in the North. The GDV could be more than £250m. The Dusanj family, which has owned the site since 2002, is looking for a joint venture partner to bring forward the development, which has been stalled since the brewery closed in 2012. The site is being marketed by Colliers International as a PRS-led investment opportunity. Previous proposals for the site had a smaller residential and larger commercial element. The existing planning consent is for 725 homes, alongside nearly 100,000 sq ft of commercial and leisure uses. Pre-planning approval has been indicated for the revised scheme. The relaunched plan looks to capitalise on the renaissance of Liverpool’s inner city and the good value that build to rent offers in Liverpool compared with build for sale. A large rental component could be the key to unlocking the scheme by providing more rapid phasing to create a community earlier on in its development. Although the average house price in Liverpool is around £95,000, demand is growing for quality rental housing. Rents in the private sector rose by 6.1% last year, according to Colliers, while 22% of the city centre’s population are renters. A number of players are moving into the Liverpool market. In June, Apache Capital and Moda Living submitted plans for an £82m, 304-flat scheme on the waterfront at Princes Dock. Your Housing Group recently submitted plans for a neighbouring 30-storey tower of 276 flats, while earlier this week, Sigma and Curlew Student Turst agreed funding for a 412-bed student scheme, a 100-bedroom hotel and 28,000 sq ft of shops and leisure space. Tools in Liverpool’s regeneration toolbox Liverpool’s draft local plan was released for consultation in mid-September with the intention to build 29,600 homes by 2033. The city already has close to this amount in planning – 25,872 as of April 2016 – so the challenge is ensuring homes are viable and built. Liverpool, while no longer top of the list on English Indices of Deprivation, is still fourth.  A number of initiatives are aimed at increasing investment and regeneration in the city. The Liverpool Waters Masterplan, brought forward by Peel Group, will see the regeneration of 148 acres of dockland into a mixed-use waterfront development quarter. The £1.5bn regeneration plan around Kings Dock and Lime Street station in the city centre is aimed at regenerating large swathes of land. Initial plans were due to be submitted in 2015, though have yet to emerge. A directly elected Liverpool city region mayor will act as chair to the Liverpool City Region Combined Authority and will exercise powers devolved from central government, including overseeing new funds. The Liverpool City Region Local Enterprise Partnership was formed in March 2012 to boost growth and employment, rebalancing Liverpool’s economy. The Liverpool City Region Growth Plan and Strategic Economic Plan provides the strategic framework for interventions to drive job creation and growth. The Liverpool City Region Local Investment Plan 2 was completed in 2011 with the aim of acting as a prospectus for housing and regeneration investment, clarifying LCR’s priorities to support growth. • To send feedback, email alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette