Planning consent for the construction of an £82m private rented sector (PRS) residential waterfront tower in Liverpool has been approved by the local authority.
The premium purpose-built PRS development, ‘The Lexington, Liverpool’, will be delivered through Moda Living and Apache Capital Partners’ Joint Venture (JV) – their first major project in the city.
Named after the building’s New York-inspired design, The Lexington forms part of the Peel Group’s £5.5bn Liverpool Waters regeneration masterplan and overlooks the docks.
The scheme will be delivered by Moda Living, a developer and operator of private rented housing, and will be fully funded by Apache Capital, the London and Gulf based private property investment management firm.
The 34-storey tower, designed by Falconer Chester Hall architects, will be the tallest residential landmark in the city’s Liverpool Waters area. Alongside 304 high-specification apartments, ranging from studios to one, two and three-bedrooms, there will be 15,000 sq. ft. of dedicated amenity space.
With a 17th floor residents’ lounge, gym, roof terrace, garden, fitness studio, an indoor/outdoor cinema and 24-hour managed concierge, The Lexington will raise the bar in Liverpool’s rental market.
“The Lexington at Princes Dock will help underpin the regeneration efforts there while also providing much needed quality homes for rent,” said Dan Brooks, Director at Moda Living.
“This is the next important step in our ambitious plan to create the UK’s leading rental brand providing a new benchmark for city centre living,” he added.
Moda Living and its funding partner Apache Capital will retain ownership of the property and operate it through their JV to ensure the creation of a genuine long-term community and investment platform.
Richard Jackson, co-founder and managing director of Apache Capital Partners, said: “The Lexington will provide a fantastic legacy for Liverpool and its historic skyline and waterfront, creating from the outset a vibrant community that will be part of the local area.
“Apache Capital’s diverse institutional investor base continues to support our ambition to be the leading owner and operator of purpose-built premium PRS, operating for the long term for the benefit of our customers and the surrounding neighbourhoods.”