Find out what’s happening in the property investment arena both in the UK and internationally
Construction update: Latest iconic central Liverpool development well underway
May 18, 2017Article by Ray Withers
It’s good news for our clients who invested in the Parker Street Residences in Liverpool as the latest construction update from the developer, Caro Developments, confirms that the transformation of the derelict building to its new use as luxury homes is very much underway.
Huge progress has been made over the past few months with the redevelopment of the historic building’s upper floors, including the rooftop expansion to floors 6 and 7.
Bringing Liverpool’s history back to life
Parker Street Residences is located in the building of the former Reece’s Ballroom, made famous by The Beatles’ John Lennon, who held his first wedding reception there. The redevelopment work is seeking to honour the original look and feel of the building.
Ray Withers, CEO of Property Frontiers who is visiting the site again this week, explains,
“The apartments at Parker Street Residences have been very carefully designed to celebrate the original building’s magnificent features while offering stunning contemporary interiors. The windows, for example, which are already on site and ready to be fitted, feature a dark aluminium frame that closely matches the style of the original window frames – while offering all the energy efficiency benefits of modern double glazing.”
Stripped back to basics
The stripping out of Parker Street Residences has revealed plenty of memorabilia including original newspapers from the 1960’s. The site is now stripped back to the original steel girders, with aluminium frames also in place ready for the studded walls between the individual apartments.
Insulation and plaster board are already going up for some walls, with the fit-out expected to continue apace over the coming weeks. Electrical work is already well underway too.
One of the most labour-intensive parts of the whole redevelopment is the rooftop expansion. Property Frontiers’ Ray Withers comments:
“Work on the rooftop expansion to the upper floors is progressing really well. The steel stillage is very nearly complete, after which this area can begin to move forward even more quickly. This is a particularly exciting phase of the development, as it’s the point at which everything begins coming together. We’re seeing walls go up and windows installed for individual apartments already – this is the final push!”
An investment success story
Parker Street Residences has already proven extremely popular with investors. The studio and one bedroom apartments offer a fixed five years 8% NET yield, with cash only investment in studios starting from £69,950. The full residential title means that investors can enjoy year-round rental income and a variety of exit strategies.
Parker Street Residences is now sold out but get in touch today to register for exciting new Liverpool developments coming soon.