Hughes House – Redevelopment Scheme
In October 2021, Town Square Group completed the sale of a £40 million housing development in Liverpool city centre to the Bank of Montreal UK Housing Fund / BMO Real Estate.
The landmark sale and the conclusion of the turnkey agreement between all parties is a significant win for the Fabric District and Liverpool City Council. With new development forward-funded by the Bank of Montreal’s UK Housing Fund, there is no doubt that it will regenerate the local area and bring needed social and affordable housing to the City Centre.
The demolition of Hughes House will make way for a new 10-storey building that will contain 258 residential apartments, providing much needed housing in the city centre. They will be offered on flexible leasing terms by its operator Home Group, some with discounted rents.
The scheme will comprise 15 modern studios, 144 one-bedroom apartments and 99 two-bedroom units. It will also offer commercial space that will occupy the ground floor.
London and Manchester-based Town Square Group has collaborated with Home Group to bring the modern, high-specification apartments to life, and will deliver the project as a turnkey product to the Bank of Montreal.
A Major Win for the City
The land deal, headed by the founder of Town Square Group Anil Juneja, has been three years in the making and is an important achievement for the Group. To deliver the project, Town Square Group will be working with Home Group and the project team, consisting of UK Land and Property and ENGIE Group’s division Equans.
Mr Juneja explained:
“This scheme is a major win for the city and we are proud to have spearheaded its creation from concept to conclusion. Town Square Group understands the importance of the need and demand for high-quality and affordable housing in Liverpool’s city centre and this will be the first of many that we aim to deliver.
“The development has received great supported from Liverpool City Council and the Fabric District CIC and will help to provide much needed employment to the Fabric Quarter as well as regenerate the local area around London Road.”
Affordable Private Rental Housing
Peter Lowe, fund manager at BMO Real Estate Partners added:
“This acquisition provides us with an opportunity to support the delivery of affordable private rental housing in Liverpool while also generating sustainable, inflation-linked long-term income returns for investors. The scheme will enable us to satisfy local demand, particularly from key workers employed within the local authority,”.
Mr Juneja said:
“This will be the first of many from the Town Square Group and we applaud everyone that has been part of this project. We aim to work with the Bank of Montreal’s UK Housing Fund and Home Group on future collaborations.”