A takeover of Liverpool’s Baltic Village development has been completed.
The £50 million agreement between existing owners Promenade Estates and Vista Fund was originally struck in the summer of 2015.
Following a 30-month construction period with Balfour Beatty of the 324-unit development in the heart of the city, Promenade has signed off on the sale.
The Liverpool-based developers saved the waterfront project of one, two and three-bedroom homes after it had fallen into administration.
“Once again, we’ve attracted high quality funds in to Liverpool and demonstrated the market’s appetite for a well-located and well-conceived product,” said Peter Hynd, Promenade’s chairman.
“The scheme was designed with PRS best practice at its heart, and the quality of construction and finishes was set out at the outset to institutional standards, which sets the scheme apart from many other residential developments in the city.
“This enabled Promenade to secure bank funding to deliver the scheme. Promenade originally set out to retain ownership and operate the scheme, however the quality of concept and location began to attract interest from many institutional PRS funds.
“A conditional sale was agreed with Hermes and Vista six months into construction.”
Vista Fund has now rebranded the scheme Cargo Building and taken responsibility for marketing of the fully-furnished homes.
“We took a site that was blighting Liverpool’s waterfront and have transformed it in to a thriving community,” added Hynd.
“The engineering and warranty issues were considerable, but tough sites have never held any fears for us.
“We’re now assessing a number of opportunities, with a preference for Merseyside and the wider North West.”