Monday 9th June 2008
Countryside Neptune - a joint venture between Countryside Properties, one of the UK's largest housebuilders, and Neptune Developments, a Liverpool-based property development company - has secured a deal with Bank of Scotland Corporate in Liverpool to fund the £128m development of a new waterfront scheme at Mann Island in Liverpool.
Located on the Liverpool waterfront adjacent to a World Heritage site, the 3.3 acre Mann Island site has been earmarked for the development of two 10-storey residential buildings consisting of 376 apartments and a third building offering 141,000 sq ft of commercial office space.
Plans for the site also include provision for 80,000 sq ft of retail space at ground floor level, basement parking and 13,000 sq ft of covered public space that will provide a new exhibition venue.
Bank of Scotland's funding package will be used for the first stage of development which comprises the development of the two residential buildings.
With the development already underway, construction will be phased over a period of 42 months. The first residential building is scheduled for completion in June 2009 with completion of the second building twelve months later.
The Mann Island development is part of a wider regeneration of the area that includes an extension to the Leeds-Liverpool canal, the recently opened Kings Waterfront Arena and Conference Centre and the proposed new Museum of Liverpool. The completed development is expected to create 913 new jobs.
The deal was arranged on behalf of Bank of Scotland Corporate by Gordon Clements, Director and Colin Wass, Associate Director, from the Bank's Real Estate team in Liverpool.
Gordon Clements, Director for Bank of Scotland Corporate Real Estate in Liverpool, said:
"We’re delighted to be working with Countryside Neptune and helping them realise their ambitions for the Mann Island development. Both Neptune and Countryside have a huge amount of experience in delivering large-scale mixed use developments on time and on budget. All parties involved with this project are totally committed to delivering a first class development in the heart of the city. We're looking forward to working alongside our partners in helping them deliver this vision."
John Grealis, Director of Major Projects at Countryside Properties comments:
"Working with Bank of Scotland Corporate has been absolutely fundamental to the delivery and success of Mann Island. They are integral partners for Countryside Neptune and fully understand our aim of creating a highly exciting new place for people on this pivotal site on Liverpool's waterfront."
Managing Director of Neptune Developments, Steve Parry said:
"We are pleased to have agreed this deal with Bank of Scotland Corporate which helps ensure that we will deliver a scheme of exceptional quality - one that is worthy of such an important development site for the city."
Notes to Editors –
Bank of Scotland Corporate,part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. HBOS employs over 8,600 people in the North West (13% of the company’s UK workforce), up 1,300 (+17.8%) since 2001. Total lending at June 2007 stood at £95.8 billion.
