£11m secured to complete Element in Liverpool

Legacie Developments and Nexus Residential have secured the funding from lender Together to deliver the £45m apartment scheme on the corner of Low Hill and West Derby Road.

Construction is already underway on Element – The Quarter, which, when complete will have 316 apartments and 141 student accommodation units. Legacie and Nexus have described Element as the first co-living eco-development in the city.

Designed by Falconer Chester Hall, Element will have EV charging points, LED lighting, air-source heat pumps, a rainwater recycling system, and solar panels. There will also be a smart system in place that should reduce electricity consumption.

Legacie and Nexus also said they will plant nearly 50,000 trees in the Amazon rainforest to help negate the environmental impact of the construction industry.

The first apartments at Element are set to be delivered early next year.

Legacie and Nexus picked up the Element site in 2020 after former developer, Primesite, went bust the year before and left the project partially constructed.

This is not the first time the two developers have worked with Manchester-based Together on a project. Earlier this summer, the lender granted the two companies a £10m loan to deliver City Resident Apartments off Lemon Street in Liverpool. This 78-apartment project is set to complete in October.

Chris Taylor, director of origination at Together, described the development facility for Element as “another example where we have stepped in alongside a trusted partner to complete a part-built scheme that had stalled and had become an eyesore in the surrounding area”.

John Morley, chief executive of Legacie, said it was “fantastic” to be working with Together again.

“The funding deal will help unlock further local jobs and training opportunities for young people,” Morley said. “Their investment will help us bring to life an eco-development which Liverpool can be proud of.”

Michael Gledhill, managing director of Nexus, echoed Morley’s remarks.

“Having a large institutional funder like Together backing another of our developments is a major vote of confidence,” he said.

Gledhill also described the impact the project will have on Liverpool.

“Once again it underlines our commitment to Liverpool; promoting the city to institutional lenders such as Together and successfully delivering multiple landmark developments here,” he said.

“Our partnership with Legacie is successfully creating new homes, thousands of jobs for local people, as well as bringing in new ongoing revenue streams for the local authority.”