“Strong Market Hit by Cladding Issues”

“Strong market hit by cladding issues”

LIVERPOOL RESIDENTIAL UPDATE QUARTER 1 2021

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City Residential

City Residential is Liverpool’s award winning, premier residential agent specialising in city living in Liverpool and across the region. In addition to having one of the largest residential teams in Liverpool we are also recognised as one of the leading northwest residential specialists with our consultancy services respected throughout the industry. We have been operating for over 20 years from Liverpool’s largest, most prominent, and modern showroom:

• Sales

• New Build Sales/advice/consultancy

• Lettings/Management

• BTR (Build to Rent) advice/consultancy and management

• Bulk Deals & Investment Properties

• Land/Development sales and acquisitions

• Student sales, lettings, and consultancy advice

For further information contact Alan Bevan on 0151 231 6100 or 07970 498187 [email protected] www.cityresidential.co.uk

WIRRAL WATERS

COMING SOON

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[email protected] 0151 231 6100

RESIDENTIAL SALES

As the majority of the last quarter continues to be dominated by Covid-19 we have decided to summarise the main issues affecting the market from both a positive and negative perspective allowing you to see at a glance the effects the pandemic has had on the residential market in the city.

Positives

• Market has performed really strongly over the last quarter with sales ahead by around 40% in comparison to the same quarter in 2020.

• The market has been helped in no uncertain terms by the announcement in the March budget to extend the stamp duty deadline until end of July (for properties up to £500k) and end of September (for properties up to £250k). . • Continued low interest rates, and the likelihood that this will continue indefinitely, is making property purchases in the city extremely affordable.

• Prices in the suburbs have boomed as many buyers have looked to purchase properties away from the town/city centres. This has created a larger gap in pricing between the city and the suburbs creating even better value for buyers.

• The challenges of the market over the coming months/years will almost certainly reduce the pipeline of new developments which in turn should take some of the pressure off new supply.

Negatives

• The challenges in the rental market are resulting in an increase in supply of property for sale which, if not matched by an increase in buyers, may ultimately cause prices to fall.

• The “carnage” in the short term/Airbnb and serviced apartment sector is continuing to encourage some landlords/investors/operators to sell their apartments/schemes, again potentially increasing the supply in the city. This may be reversed as we slowly exit lockdown although there is no sign of this just yet.

• The market continues to suffer from the fall out of the Grenfell Tower/cladding issues with many apartment blocks currently unsaleable/unmortgageable until the cladding is renewed. EWS1 forms have become extremely difficult to obtain. (See Headline Blog)

• Some buyers are deferring a potential purchase until they understand the effect of Coivd- 19 on the market in terms of pricing, supply, and sustainability of the city.

• The effects of Covid-19 on the fabric of the city could be devastating, especially if further lockdowns are required/lockdowns last longer than anticipated. The city has prospered on its reputation as a vibrant, exciting, and friendly place to live, something which could be under threat should the ongoing effects of Covid-19 be more severe than we currently anticipate. This may become more evident over the coming months as we exit lockdown, and we see how business confidence will affect future/ongoing investment in the likes of restaurants, bars, clubs and other retail/leisure operations.

RESIDENTIAL SCHEMES for SALE 0151 231 6100

------WIRRAL WATERS

No of Apartments/houses: 347 homes

Type: 2, 3 and 4 bed townhouses

Address: Dock Road, Birkenhead/Wallasey, CH41 1DP

Prices From: Register now on 0151 231 6100

Sales Pavilion: Opening in July 2021

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PERCY PLACE

No of Apartments/houses: 6 houses

Type: 4 bed houses

Address: Percy Street, Canning, Liverpool, L8 7SE

House Prices From : £464,950

Showhome/apartment: Via Appointment

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Completions City Centre Prices and Completions from ZOOPLA Current average value £149,063 L1 Sales Price Paid Change 3 months 3 £143,675 -£1,438 -1.65% 6 months 16 £144,623 -£1,104 -1.23% 12 months 28 £147,300 £3,743 3.33% Current average value £164,409 L2 Sales Price Paid Change 3 months 2 £109,453 £40 0.02% 6 months 10 £106,979 -£1,342 -1.54% 12 months 15 £113,452 £5,459 4.11% Current average value £179,399 L3 Sales Price Paid Change 3 months 7 £216,000 £512 0.29% 6 months 30 £177,740 -£899 -1.02% 12 months 80 £174,697 £4,812 3.51% Current average value £170,665 CITY CENTRE Sales Price Paid Change 3 months 12 £180,161 -£295 -0.45% 6 months 56 £155,642 -£1,115 -1.26% 12 months 123 £160,991 £4,671 3.65% The information above is taken from Zoopla sold house prices and whilst is accurately recorded may not actually represent all of the properties that have been registered during the quarter. The actual figure may be higher/lower than that shown as some sales are not always shown on Land RegistRy. The average pricing achieved may also be affected by low transaction levels.

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RESIDENTIAL DEVELOPMENTS

FOR SALE/UNDER CONSTRUCTION

Kings Dock Mill Phase 2, Hurst Street, Baltic, L1 8DN Developer YPG Number of Apartments 204 Apartment Types 1,2 & 3 bed and townhouses Type of Sale Investor New Build/Conversion New Build Build Complete Spring/Summer 2021? Comments/Updates Second phase of Kings Dock Mill scheme adjoining The Hilton in Baltic

ART Apartments, Tabley St, Baltic L1 2HB Developer Baltic Cool/LAGP Number of Apartments 55 Apartment Types 1 and 2 bed Type of Sale TBC New Build/Conversion New Build Build Complete Summer 2021? Comments/Updates 11 Storey scheme on vacant land adjoining Kings Dock Mill phase 2.

One Baltic Square , Grafton St, L1 0BS Developer Nexus Residential No of Apartments 298 Apartment Types Studios, 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete 2022 Comments/Updates Bought by Nexus Residential from YPG in March 2020

The Vaults, St James Street, Baltic, L2 2HT Developer Crossfield/Torus Number of Apartments 64 apartments Apartment Types 1 and 2 bed Type of Sale Rent to Buy New Build/Conversion New Build Build Complete 2021 Comments/Updates Small turnkey scheme for Torus on the edge of Baltic Triangle.

FOR SALE/UNDER CONSTRUCTION

Stanley Dock, Regent Road, Liverpool, L3 0AN Developer Harcourt Developments Number of Apartments 538 Apartment Types Studio, 1 and 2 bed Type of Sale TBC New Build/Conversion Conversion Build Complete 2020 onwards Comments/Updates Redevelopment of former Tobacco Warehouse at Stanley Dock.

Parliament Square , Great George St, L1 0BS Developer Legacie No of Apartments 505 Apartment Types Studios, 1, 2 and 3 bed Type of Sale TBC New Build/Conversion New Build Build Complete 2021 Comments/Updates Large 12/18 storey mixed use scheme on corner of Baltic Triangle

Poet’s Place, Clegg Street, Liverpool, L5 3LU Developer Caro No of Apartments 127 Apartment Types Investor Type of Sale TBC New Build/Conversion New Build Build Complete Early/Mid 2021 Comments/Updates Adjoining Caro’s City Point student scheme just off St Anne’s Street

Fabric District Residences , Liverpool, L3 8HA Developer YPG No of Apartments 208 Apartment Types Studio apartments Type of Sale Investor New Build/Conversion New Build Build Complete Early/Mid 2021 Comments/Updates Located on Devon Street and spread over 9 floors

FOR SALE/UNDER CONSTRUCTION

Victoria House, James Street, Liverpool, L1 6BD Developer AR & V Investments Number of Apartments 105 Apartment Types Studios and 1 bed Type of Sale Retain for letting New Build/Conversion Conversion Build Complete 2021 Comments/Updates Former stalled site purchased for a co living scheme

Element The Quarter , Low Hill, Liverpool, L6 1EJ Developer Nexus/Legacie Number of Apartments 450 Apartment Types Studio, 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Old Primesite scheme bought out of administration by JV. Redesigned

The Roscoe, Roscoe Street, Liverpool, L1 2SX Developer Central & Regional Group Number of Apartments 82 Apartment Types 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Attractive scheme on Roscoe Street adjoining City Gate development.

Baltic Place, Brassey St , Liverpool, L8 5XP Developer Caro Number of Apartments 176 Apartment Types 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete 2022/TBC Comments/Updates Site bought from receivers by Caro for proposed new £25m scheme

FOR SALE/UNDER CONSTRUCTION

Parliament Residences (Phase 2), Baltic, L1 0AJ Developer Legacie Number of Apartments 145 Apartment Types 1, 2 and 3 bed Type of Sale TBC New Build/Conversion New Build Build Complete 2021

Comments/Updates 2nd phase site edge of Baltic. Bought out of administration by Legacie

RESIDENTIAL DEVELOPMENTS POTENTIAL/FUTURE SCHEMES

Fabric Residence , Fabric District, Liverpool, L3 8HA Developer YPG No of Rooms 449 Apartment Types Studio, 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Previously consented student scheme now proposed residential

Heaps Mill, 1 Park Lane, Liverpool, L1 5EX Developer Valorem IP Number of Apartments 400 (amended scheme) Apartment Types Studio, 1, 2 and 3 bed Type of Sale TBC New Build/Conversion New Build & Conversion Build Complete TBC Comments/Updates Will probably be a mixed-use scheme including BTR blocks

2 Riverside Drive, Liverpool, L3 4DB Developer TBC Number of Apartments 457 Apartment Types Studio, 1 and 2 bed Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Large potential resi scheme on site of Chung Ku. SITE FOR SALE

POTENTIAL/FUTURE SCHEMES

Marlborough Street, Liverpool, L1 5HA Developer SEP Construction Ltd Number of Apartments 45 Apartment Types Studios Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Small 45-unit scheme located in the heart of Marybone/Vauxhall

Voyager, 120 Waterloo Road, Liverpool, L3 7BA Developer TBC Number of Apartments 120 Apartment Types 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates 14 Storey development adjacent to new Ten Streets district

Park Lane, 1 Park Lane, Liverpool, L1 5EX Developer Valorem IP Number of Apartments 90 (amended scheme) Apartment Types Studio, 1, 2 and 3 bed Type of Sale TBC New Build/Conversion New Build & Conversion Build Complete TBC Comments/Updates Recent amended application for a hotel together with 90 apartments

Brewery Village (Cains), Baltic, L8 5XJ Developer Cains Brewery Village Number of Apartments 1400/1500 Apartment Types Studio, 1, 2 and 3 bed Type of Sale PRS or investors New Build/Conversion Predominately new build Build Complete TBC Comments/Updates £150/£200 million mixed use redevelopment of former Cain’s Brewery.

POTENTIAL/FUTURE SCHEMES

Hughes House, Liverpool, L3 8JE Developer Town Square Developments Number of Apartments 252 Apartment Types Studio, 1 and 2 bed Type of Sale TBC/Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Proposals to demolish the TJ Hughes store and new build replacement

Via Verde, Leeds St/Vauxhall , Pumpfields, L3 6BA Developer Mees Demolition/Eldonian Number of Apartments 1308 Apartment Types Studio, 1, 2 and 3 bed Type of Sale Investor or PRS New Build/Conversion New Build Build Complete TBC Comments/Updates Large mixed-use scheme with 55,000 sq ft commercial space.

New Bird Street , Baltic Triangle, L1 5HA Developer Crosslane/Waites Number of Apartments 217 Apartment Types Studio, 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC

Comments/Updates New proposal for 379-unit co-living scheme replacing 217-unit scheme

Kingsway Square, Blackstock Street, Vauxhall, L3 6EE Developer Sourced Number of Apartments 452 Apartment Types Studio, 1 and 2 bed Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Large resi scheme adjacent to Liberty Atlantic Point student village

POTENTIAL/FUTURE SCHEMES

Duke’s Village, Bridgewater Street, L1 0AR Developer Elliot Group Number of Apartments 232 Apartment Types 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates 14 Storey development adjacent to developer’s Norfolk St scheme

St Anne’s Garden’s, St Anne Street, Liverpool, L3 3DY Developer Elatus Development Group Number of Apartments 319 Apartment Types 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Large scheme adjacent to ongoing Fox Street Village development.

Azure/Rose Place, off St Anne St, Liverpool, L3 3BN Developer Legacie Developments Number of Apartments 127 Apartment Types Studio 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates New scheme off St Anne St/Likely to be replaced with student scheme

Queens Dock, Chaloner Street, L3 4BE Developer TBC Number of Apartments 192 Apartment Types Studio, 1 and 2 bed Type of Sale PRS or Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Overlooking Queens Dock adjacent to Leo’s Casino.

POTENTIAL/FUTURE SCHEMES

Ovatus 1, Old Hall Street/Leeds St Developer Prospect Capital/Wilcocks Number of Apartments 168 (phase 1) Apartment Types Studio, 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Phase 1 of double tower scheme. SITE FOR SALE

Ovatus 2, Old Hall Street/Leeds St Developer Prospect Capital/Wilcocks Number of Apartments 530 (phase 2) Apartment Types Studio, 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Will be Liverpool’s tallest scheme at 48 storeys. SITE FOR SALE

Great Homer St/Virgil St , Liverpool L5 5BY Developer The Soller Group Number of Apartments 277 Apartment Types Studio, 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Large residential scheme close to Project Jennifer regeneration

Norton’s, Flint Street, Baltic, L1 0DH Developer Chaloner St Developments Number of Apartments 638 Apartment Types 1, 2 and 3 bed Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Large prominent mixed-use scheme on corner of Baltic Triangle

POTENTIAL/FUTURE SCHEMES

35 Bridgewater Street, Baltic, L1 0AJ Developer Eloquent Global/For sale Number of Apartments 43 Apartment Types 1, 2 and 3 bed apartments Type of Sale Private Sale New Build/Conversion Conversion & New Build Build Complete 2021/TBC Comments/Updates Nice conversion in heart of Baltic Triangle. SITE FOR SALE

Brunswick Way, Docklands , L3 4BL Developer NWIA Number of Apartments 240 Apartment Types 1 and 2 bed Type of Sale TBC New Build/Conversion New Build Build Complete 2023/TBC Comments/Updates Stunning new scheme in Liverpool docklands. SITE SALE AGREED

Riverside, Sefton Street , Liverpool, L8 6UD Developer Eloquent Global Number of Apartments 198 Apartment Types 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates Replacing former car garage on Sefton Street. SITE FOR SALE

Bevington Bush Scotland Road L3 6JH Developer Bevington Developments Ltd No of Apartments 614 Apartment Types Studio, 1, 2 and 3 bed Type of Sale Investor/BTR New Build/Conversion New Build Build Complete TBC Comments/Updates Formerly a proposed student scheme now residential. SITE FOR SALE

POTENTIAL/FUTURE SCHEMES

The Refinery, Oriel St/Paul St, Liverpool, L3 6DU Developer Smith Young No of Apartments 240 Apartment Types Studios, 1 and 2 bed Type of Sale TBC New Build/Conversion New Build

Build Complete TBC Comments/Updates Large mixed-use scheme proposed for Vauxhall. SITE FOR SALE

Plot C02 Central Docks, Liverpool Waters Developer Romal Capital Number of Apartments 330 Apartment Types 1 and 2 bed Type of Sale Investor/Owner Occupiers New Build/Conversion New Build Build Complete TBC Comments/Updates Next phase of this groundbreaking Liverpool Waters scheme

Pall Mall, 70-90 Pall Mall, Liverpool, L3 6AE Developer Elliot Group Number of Apartments 800 Apartment Types 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete STALLED/restart shortly Comments/Updates Site purchased by ELLIOT Group after NPG administration

Aspire, Waterloo Road/Paisley St, L3 7BA Developer Living Brick Ltd Number of Apartments 140 Apartment Types 1, 2 and 3 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates 17 Storey development close to Liverpool Waters/new link road

POTENTIAL/FUTURE SCHEMES

Highpoint, 24 Highfield St, L3 6AA Developer TBC Number of Apartments 150-200 Apartment Types 1 and 2 bed Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates New tower scheme on site of existing offices. SITE FOR SALE

Brunswick Quay, Atlantic Way, Liverpool L3 4BE Developer Maro No of Apartments 552 Apartment Types 1, 2 and 3 bed Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Large new build scheme on a prominent site in south docklands

Blundell Street, Baltic Triangle, Liverpool, L1 Developer Taylor Highdale Number of Apartments 86 apartments Apartment Types 1,2 and 3 bedroom Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Potential new tower scheme on site of existing offices in Baltic

Lightbody Street , Liverpool, L5 9UZ Developer Torus Homes Number of Apartments 200 apartments 10 townhouses Apartment Types 1,2 and 3 bedroom Type of Sale Rent to HomeBuy New Build/Conversion New Build Build Complete Christmas 2023 Comments/Updates Attractive new scheme close to Stanley Dock/Stanley Flight canal locks

POTENTIAL/FUTURE SCHEMES

Parr Street Studios Parr Street, Liverpool, L1 Developer PJ Percival Construction Number of Apartments 114 apartments Apartment Types 1,2 and 3 bedroom Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Contentious new build proposal for former Parr Street Studios site

STALLED/NOT PROGRESSING

Infinity, Lanyork Rd/Leeds Street, Liverpool, L3 6JB Developer Elliot Group Number of Apartments 1015 Apartment Types Studio, 1, 2 and 3 bed Type of Sale Investor/owner occupier New Build/Conversion New Build Build Complete STALLED/In administration Comments/Updates Striking and ambitious scheme with anticipated £250million GDV.

New Chinatown, Great George Street, L1 7AG Developer Great George St Developments Number of Apartments 466 apartments & 37 townhouses Apartment Types Studio, 1,2 and 3 bedroom Type of Sale Investor/Mixed Use New Build/Conversion New Build Build Complete STALLED/New owners Comments/Updates New planning proposals approved to kick start this former stalled site

60 Old Hall Street, Liverpool, L3 9PP Developer Signature Living Number of Apartments 115 Apartment Types 1 and 2 bed Type of Sale Investor New Build/Conversion Conversion Build Complete STALLED/Await news Comments/Updates Refurbishment of the “ugly duckling” into residential scheme

STALLED/NOT PROGRESSING

The Metalworks, Pumpfields, L3 6DL Developer Acentus RE/Respect-Hipkiss Number of Apartments 312 Apartment Types Studio, 1 and 2 bed Type of Sale Investor Sale New Build/Conversion New Build Build Complete TBC/STALLED? Comments/Updates Large residential scheme comprising 11/13 storey blocks.

Norfolk House PH 3, Norfolk St, Baltic, L1 0AR Developer Elliot Group/EPIC Hotel Number of Apartments 306 bed hotel and apartments Apartment Types Hotel and apartments Type of Sale Investor New Build/Conversion New Build Build Complete TBC Stalled? Comments/Updates Final phase of a 3 phase scheme in the heart of Baltic Triangle.

Herculaneum Quay, Riverside Drive, L3 4ED Developer Primesite Developments Number of Apartments 123 Apartment Types 1,2 and 3 bed Type of Sale Predominately Investor New Build/Conversion New Build Build Complete 2021? Comments/Updates Striking scheme in south Liverpool docks AWAIT NEWS/PROGRESS

The Tannery, Gardeners Row, Liverpool, L3 6JH Developer Niveda Realty/Vinco Number of Apartments 381 Apartment Types Studio, 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete STALLED Comments/Updates Trio of buildings comprising three towers. SITE FOR SALE/STALLED

STALLED/NOT PROGRESSING

Freemasons Row, Leeds St, Liverpool, L3 2DJ Developer Vinco Number of Apartments 656 Apartment Types Studio, 1,2 3 bed apartments Type of Sale Investor New Build/Conversion New Build

Build Complete TBC/Unlikely to happen Comments/Updates Large residential scheme in Pumpfields fronting onto Leeds Street.

ALEXANDRA TOWER Princes Dock, Liverpool, L3 1BF

Alexandra Tower is one of Liverpool’s most iconic residential buildings literally “perched” on the River Mersey at Princes Dock. The apartments in the scheme benefit from stunning views, either across the river towards the Welsh Hills or back towards the famous Liverpool City skyline.

Having been improved by the previous owner to include refurbished entrance/concierge, upgraded communal areas and the reinstatement of car parking, Alexandra Tower now offers some of the best apartments in the city.

TO LET (all prices are from) - 1 beds £700, 2 beds £875, 3 beds £1200 Unfurnished and furnished apartments available

FOR SALE (all prices are from) 2 beds £179,950

0151 231 6100

RESIDENTIAL LETTINGS

Positives

• The 1 st quarter of 2021 was reasonably similar to the 4 th quarter of 2020 a challenging market predominantly due to the issues presented by Covid. On the positive side however, there is definitely an increasing level of interest/activity from tenants as we emerge from lockdown.

• Availability levels of apartments is high offering potential tenants a good choice of apartments across most price ranges, types, and location.

• Rents have fallen slightly/some decent deals are available from landlord’s keen to secure lettings during the quarter and thereby offering greater affordability than we have previously seen.

• The vast majority of landlords/tenants have dealt with the effects of Covid-19 very well with landlords showing leniency and compassion to those tenants who are suffering. Most tenants meanwhile have continued to pay their rents unless they genuinely require financial assistance/support.

Negatives

• There has been a higher than normal increase in tenants leaving their apartments due to Covid-19. This is predominately due to job uncertainty/affordability and has been particularly noticeable in those working in the hospitality/retail/leisure sectors.

• The “carnage” in the short term/Airbnb and serviced apartment sector is now encouraging some landlords/investors/operators to let their apartment on an AST/normal rental basis.

• There continues to be an increase in supply of rental product being delivered by the completion of new apartment schemes although this may well slow over the coming months/years.

• There has been a noticeably lower number of overseas students coming to the city (as expected given the current Covid situation). This has impacted strongly on the upper end of the market (apartments in the likes of One Park West, Mann Island etc). Studio apartments are also struggling due to an oversupply in some areas/locations.

• The effects of Covid-19 on the fabric of the city could be devastating, especially if further lockdowns are required/lockdowns last longer than anticipated. The city has prospered on its reputation as a vibrant, exciting, and friendly place to live something which could be under threat should the effects of Covid-19 be more severe than we currently anticipate. This may become more evident over the coming months as we exit lockdown, and we see how business confidence will affect future/ongoing investment in the likes of restaurants, bars, clubs and other retail/leisure operations.

RESIDENTIAL SCHEMES to LET ------ALEXANDRA TOWER

No of Apartments:190 Type: 1, 2 and 3 Bed Address: Princes Dock, Liverpool, L3 1BD Prices From: 1 bed: £700 2 bed: £900 3 bed: £1,200 Furnished/Unfurnished : Selection of both Car Parking: Yes

------SHAFTESBURY APARTMENTS

No of Apartments:39 Type:1 and 2 Bed Address: Mount Pleasant, Liverpool, L3 5SA

Prices From: 1 bed: £650 2 bed: £800

Furnished/Unfurnished : Furnished Car Parking: No

------2 MOORFIELDS

No of Apartments: 68 Type: Range of studio apartments Address: 2 Moorfields, Liverpool, L2 2BS

Prices From/To: Studios £550-£650 all inclusive rents

Furnished/Unfurnished : Furnished Car Parking: No

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HADWENS APARTMENTS

No of Apartments: 8 Type: 1 and 2 bed Address: Tithebarn St, Liverpool L2 2SB Prices From/To: 1 bed: ALL LET 2 bed: £900 Furnished/Unfurnished : Furnished Car Parking: No

------0151 231 6100

BUILD TO RENT (BTR) • Anwyl’s proposed Pall Mall scheme is sold to Ridgeback/Ridge Liverpool with Grahams the proposed contractor. Construction expected to start soon with completion in 2023. • Baltic Yard, Blundell Street (Heitman/Brickland) – Construction now complete and apartments now available to rent. • Copper Building, The Strand (Panacea/Invesco) - Construction now complete and apartments now available to rent. • Eight Building (Iliad) – Construction progressing well after Legacie takes over following the administration of the previous contractor (Forrest). Apartments now available to rent. Anticipated opening July 2021 • Construction progressing very well on The Lexington (Moda/BCEGI). • Planning now approved for a newly designed scheme at Princes Dock for Your Housing to be named Patagonia Place replacing the former Hive scheme.

UNDER CONSTRUCTION

The Lexington, Princes Dock, Liverpool Waters, L3 1DZ Developer Moda Living Number of Apartments 304 Fund Apache Apartment Types Studio, 1, 2 and 3 bed New Build/Conversion New Build Build Complete Late 2021 Comments/Updates 34 storey £82 million GDV scheme in Princes Dock/Liverpool Waters

The Eight Building, Glenville St, Baltic, L1 5JR Developer Iliad Number of Apartments 120 Fund Self-funded Apartment Types 1, 2 and 3 bed New Build/Conversion New Build Build Complete July 2021 Comments/Updates Follow up BTR residential scheme to adjoining built student scheme.

Aspire, 30-36 Pall Mall, Liverpool L3 6AE Developer Ridgeback/Ridge Liverpool Number of Apartments 336 Fund AIMco Apartment Types Studio, 1, 2 and 3 bed New Build/Conversion New Build Build Complete 2023 Comments/Updates Site was sold in Jan 2021 to Ridgeback/AIMco for BTR scheme

PROPOSED

The Keel (PHASE 2), Queens Dock, Liverpool, L3 4GE Developer Glenbrook Number of Apartments 257 Fund Barings Real Estate Apartment Types 1, 2 and 3 bed New Build/Conversion New Build Build Complete TBC Comments/Updates 2nd phase of The Keel with two buildings overlooking Queens Dock

Patagonia Place, Princes Dock, Liverpool, L3 1DZ Developer Your Housing/Peel Number of Apartments 278 Fund Self funded Apartment Types 1, 2 and 3 bed New Build/Conversion New Build Build Complete TBC Comments/Updates Newly proposed 31 storey £48 million scheme replacing The Hive

POPULATION Residential CITY CENTRE CORE Number of built PROPERTIES (city centre core) 15,639 Number of OWNER OCCUPIED properties 4,433 Number of TENANTED properties 9,360 Number of VACANT Properties 1,433 VACANCY Rate 7% Number STUDENTS (living in non PURPOSE BUILT units) 3,847 Number STUDENTS (living in PURPOSE BUILT units) 19,600 Number of Units let to SERVICED APARTMENT operators 413

Total Number of City Centre Residents 45,860

City Centre Core

EXPANDED CITY CORE Number of Properties Built (all areas) 18,872 Number of OWNER OCCUPIED Properties 5,819 Number of TENANTED Properties 10,877 Number of VACANT Properties 1,763 VACANCY Rate 9% Number of STUDENTS (living in non PURPOSE BUILT units) 4,642 Number of STUDENTS (living in PURPOSE BUILT units) 22,216 Number of Units let to SERVICED APARTMENT operators 413 Total Number of City Centre Residents 52,443

Student

STUDENT POPULATION 2019/2020 2019/20 Postgrad Undergrad Full-time Part-time UK Other EU Non EU Total The University of Liverpool 6,910 22,690 26,725 2,875 20,435 1,010 8,160 29,600 Liverpool John Moores University 4,945 20,105 20,845 4,210 23,095 505 1,450 25,050 Liverpool Hope University 1,090 3,895 4,525 460 4,765 130 90 4,985 The Liverpool Institute for Performing Arts 15 865 880 0 695 35 155 880 Liverpool School of Tropical Medicine 345 0 135 205 220 30 95 345 TOTAL STUDENTS 13,305 47,555 53,110 7,750 49,210 1,710 9,950 60,860

STUDENT POPULATION 2011/2020 UNIVERSITY/YEAR 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 Inc/Dec % The University of Liverpool 20,590 20,875 21,345 22,715 24,775 27,070 28,795 29,695 29,600 -0.32% Liverpool John Moores University 25,855 22,585 21,315 20,635 21,880 22,445 23,225 24,030 25,050 4.24% Liverpool Hope University 7,400 6,540 6,240 5,550 4,940 5,240 5,200 5,100 4,985 -2.25% The Liverpool Institute for Performing Arts 720 730 720 715 720 745 795 820 880 7.32% Liverpool School of Tropical Medicine 425 430 435 420 345 -17.86% TOTAL STUDENTS 54,565 50,730 49,620 49,615 52,740 55,930 58,450 60,065 60,860 1.32%

STUDENT LETTINGS

Positives • The fact that the city’s universities promised “near normal” courses/studies for the 2020/21 academic year ensured a good student intake, slightly below 19/20. Some student landlords are offering discounts due to lockdowns (Unite, Student Roost etc).

• Availability levels of apartments was high offering potential students a good choice of apartments whereby in previous years there was minimal availability.

• Although there are challenges ahead for the city it remains an attractive, vibrant place to study and offers some of the lowest rent levels for purpose-built student accommodation across the UK.

• The development pipeline for student developments in the city was slowed dramatically hopefully allowing the supply/demand picture to improve over the next few years.

Negatives • International student numbers are substantially lower than last year/previous years. This has had a disproportionate effect on the higher end of the market which is where many of these students chose to rent.

• Due to outbreaks of Covid amongst the students (and particularly in student halls) the universities had to move to virtual learning which increased the fall out rate especially when subsequent lockdowns were announced.

• The effects of Covid-19 on the fabric of the city could be devastating especially if further lockdowns are required/last longer than anticipated. The city has prospered on its reputation as a vibrant, exciting, and cultured place to live something which could be under serious threat should we not to return to something like the previous “normal”.

STUDENT DEVELOPMENTS

UNDER CONSTRUCTION/PROGRESSING

Renshaw Hall, Benson Street , Liverpool, L1 2SS Developer Niveda Realty No of Rooms 404 Studios or Cluster Studios and clusters Type of Sale Fund New Build/Conversion New Build Build Complete 2021 Comments/Updates Redevelopment of former car park for hotel and 404 room student block

Fraser Street/Norton St, Liverpool, L3 8LR Developer Mount Property Group No of Rooms 566 Studios or Cluster Predominately cluster Type of Sale Investor New Build/Conversion New Build Build Complete Summer 2021 Comments/Updates Redevelopment of former National Express bus centre with two blocks

Copperas Hill Police Station, Liverpool, L3 5LD Developer Carpenter Investments No of Rooms 206 Studios or Cluster Mixed student/cluster Type of Sale Retain New Build/Conversion New Build Build Complete 2021 Comments/Updates Construction well under way on site of this former police station

Innovo House, Devon St, Fabric District, L3 Developer Mount Property Group No of Rooms 124 Studios or Cluster Mixed student/cluster Type of Sale Forward funded investor New Build/Conversion New Build Build Complete Sep 2021 Comments/Updates Forward funding deal announced in Mar 2019 with Soilbuild Group

STUDENT DEVELOPMENTS

Aura, Low Hill, Liverpool L6 1AU Developer Individual investors Number of Rooms 1007 (student units) Studios or Cluster Predominantly cluster Type of Sale Investor New Build/Conversion New Build Build Complete 2021 Comments/Updates Now back on site after being bought out of administration (Elliot Group)

PROPOSED/POSSIBLE

3 Oldham Place, Liverpool, L1 2TD Developer Oldham Place Ltd No of Rooms 117 Studios or Cluster Studios Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Small site tucked away on Oldham Place opposite Unite’s St Luke’s

Mulberry Street, Canning, Liverpool, L7 7EE Developer Property Capital Development No of Rooms 366 Studios or Cluster Studios Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Controversial scheme heavily objected to due to conservation area

Crown Street/Falkner St, Liverpool, L8 7SX Developer Elliot Group No of Rooms 106 keyworker/182 student Studios or Cluster Mixed student/key worker Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Attractive scheme close to Liverpool University & Women’s hospital

PROPOSED/POSSIBLE

Former Hondo , Upper Duke St, L1 9DU Developer Fusion Students No of Rooms 430 Studios or Cluster Cluster/Studios Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Fully funded scheme on the site of the former Hondo supermarket

Gildart Street, Gildart Street , Liverpool, L3 8AG Developer Gildart Street Ltd No of Rooms 53 Studios or Cluster Cluster/Studios Type of Sale TBC New Build/Conversion New Build Build Complete TBC Comments/Updates Small scheme located in up and coming Fabric District area of the city

Azure/Rose Place, off St Anne St, Liverpool, L3 3BN Developer Legacie Developments Number of Rooms 280 Studios or Cluster Studio 1 and 2 bed Type of Sale Investor New Build/Conversion New Build Build Complete TBC Comments/Updates New student scheme to replace previously consented resi scheme

STALLED/NOT PROGRESSING

The Paramount, London Road, L3 5NF Developer Pinnacle Alliance/Elliot Group No of Rooms 477 Studios or Cluster 430 cluster/47 studio Type of Sale Investor New Build/Conversion New Build Build Complete STALLED/BOUGHT Comments/Updates Scheme bought by Elliot Group in July 2019. Await news/progress

PIPELINES Listed below are the current pipelines for the relevant asset class in the city centre and our estimated delivery dates/numbers based upon our market knowledge, schemes, funding etc.

Residential RESIDENTIAL PIPELINE LIVERPOOL CITY CENTRE Stage PIPELINE Under Construction (ex stalled) 3,086 Stalled 2,157 Planning Approved 8,687 Proposed/Awaiting planning 2,894 Total Pipeline 16,824 DELIVERY Guaranteed/Likely Anticipated Delivery Dates (Under Construction) (City Res view) Delivery for 2021 1,424 1,424 Delivery for 2022 1,333 1,750 Delivery for 2023 449 1,649 Total Delivery 3,206 4,823

BTR (Build to Rent) BTR PIPELINE LIVERPOOL CITY CENTRE Stage NUMBER GDV Built 1359 £249,500,000 Under Construction 424 £111,000,000 Planning Approved 1,121 £177,000,000 Proposed/Awaiting planning 250 £52,500,000 Total Pipeline 3,154 £590,000,000 DELIVERY Guaranteed/Likely Anticipated Delivery Dates (Under Construction) (City Res view) Delivered for 2019 661 661 Delivered for 2020 115 115 Delivery for 2021 1,007 1,007 Delivery for 2022 0 0 Delivery for 2023 0 871 Total Delivery 1,783 2,654 Student STUDENT PIPELINE LIVERPOOL CITY CENTRE Stage PIPELINE Under Construction (ex stalled) 2,395 Stalled 532 Planning Approved 1,138 Proposed/Awaiting planning 366 Total Pipeline 4,431 DELIVERY Guaranteed/Likely Anticipated Delivery Dates (Under Construction) (City Res view) Delivery for 2021 1,388 1,388 Delivery for 2022 1,007 1,495 Delivery for 2023 0 1,249 Total Delivery 2,395 4,132

Finance & Mortgage (As at 18th April 2021)

0151 548 4448 www.jpfinancialadvice.co.uk

• With optimism returning to the market (predominately due to vaccine roll out) mortgage rates have begun to improve generally highlighted by the announcement of a sub 1% 2 year fixed rate deal from Hinkley & Rugby from the end of April 2021. • One of the big announcements in the March budget was the launch of a government supported 95% mortgage scheme for first time buyers. Launching in April 2021 the scheme will run until the end of 2022 and offer buyers more choice than is currently available (there was a substantial reduction of 95% mortgages during the first lockdown from March 2020). • The rates and availability of buy to let mortgages appears to have held up slightly better than normal purchase/remortgage mortgages. Lenders increasingly appear keen to capitalize on this sector, albeit with a continual requirement for large deposits (the best rates are available for those landlords with a minimum 40% deposit).

Normal Mortgages (Buying and remortgaging)

Type Rate Period Fee Max LTV Lender Variable 1. 39% 2 Year £999 60% Nationwide Fixed 1.15% 2 Year £995 60% Natwest Fixed 1. 24 % 3 Year £999 60% Halifax Fixed 1.28% 5 Year £995 65% Natwest Fixed 1.99% 10 Year £995 60% Natwest

Buy to Let Mortgages

Type Rate Period Fee Max LTV Lender Variable 1. 89 % 2 Year £99 5 60% TSB Fixed 1.19% 2 Year £1995 60% Mortgage Works Fixed 1. 71% 3 Year £1995 60% Virgin Fixed 1.78% 5 Year £1995 75% Virgin Fixed 1.85% 10 year £1995 60% RBS

The list of available mortgage offers detailed below is purely intended as a guide and is sourced from Moneyfacts and GoDirect. It is not intended to be a “best buy” table or offer advice it simply highlights some of the mortgage deals that were available on the date shown above which have been recommended by a team of independent experts as their best buys .

Source: Moneyfacts (www.moneyfacts.co.uk ) and GoDirect ( http://www.godirect.co.uk ) YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.

AUCTION RESULTS Sponsored by Venmore Auctions 0151 329 2676 Next Auction: TBC

Listed below are the auction results for properties (apartments) sold in the quarter in the main city centre postcodes (L1, L2 and L3) or close periphery – city centre side of (L5, L6, L7 and L8)

Address Auctioneer Date GUIDE £ SOLD £ FLOOR Beds Baths Par king Rent* Yield Apt 14, 73 Shandon Court, London Rd, L3 8HY Sutton Kersh 18/02/2021 £60,000 £63,000 3rd 1 1 No £525 10.00% Apt 23, 10-12 Pall Mall, Liverpool, L3 6AL Landwood 14/04/2021 £30,000 £28,500 2nd studio 1 No £400 16.84% 83 The Reach, Leeds Street, Liverpool, L3 2DB Auction House 21/01/2021 £90,000 £90,000 3rd 2 1 Yes £700 9.33%

*The rent shown is either the actual current rent where the property is let or the anticipated rent if let in the market.

Shandon Court 10-12 Pall Mall The Reach

If you wish to buy properties at this level of pricing City Residential Ltd offer a buying service which will enable you to purchase at levels normally only available to seasoned investors and landlords – ring us for more details. Headline Blog/Summary

“Strong market hit by cladding issues.”

What’s going on? The Grenfell disaster in June 2017 was a terrible incident that resulted in the death of 72 innocent lives and has had a profound effect on how we all view tall buildings and cladding. Whilst the initial focus was correctly focused on how the fire spread so quickly, the subsequent effect on the housing market (and particularly apartments) has been huge. Grenfell Tower was found to be clad with materials that we not fit for purpose and encouraged the spread of the fire rather than resisting it. This led to the government implementing a whole new strategy on tall buildings to ensure that a similar disaster never happened again.

Initially the focus of the enquiry, the findings and subsequent recommendations have been to force freeholders, building owners/managers and leaseholders (owners of apartments) to be responsible for removing/deal with any dangerous cladding. Unfortunately, where non- compliant cladding was identified, many buildings suddenly became potential fire hazards and leaseholders found themselves unable to sell the properties whilst having to fork out hundreds/thousands of pounds on waking watches and increased insurance costs.

In December 2019 (and in response to the increasingly difficult situation) the RICS, mortgage lenders and other stakeholders introduced the now infamous EWS1 form. Initially this was introduced to just deal with buildings over 18m in height/with cladding but subsequent announcements by the government in early 2020 forced lenders to reconsider their position. As 2020 progressed we began to see lenders further tighten the criteria just as more problems became apparent with issues relating to non-compliant construction, missing fire breaks and other fire related matters. By the middle of 2020, the issue was no longer just impacting those tall buildings with cladding but around 50% of all apartment buildings where there was some form of cladding or external timber i.e., balconies.

In November 2020, the government announced that buildings without cladding should be removed from the requirement to have an EWS1 form and subsequently the RICS issued further update advice.

What has the government done about this issue? The government have very quickly become aware that the whole EWS1/cladding issue was spiraling out of control with thousands of mortgage owners “trapped” in buildings where they can’t sell/remortgage. In May 2020 they launched a £1bn fund to help pay for the cost of cladding removal but this only applied to buildings over 18m. The fund was targeted at private leaseholder buildings highlighting that they would separately support buildings in the social housing sector.

Despite the “large” headline number of £1billlion it became apparent to all stakeholders very quickly that this was a “drop in the ocean” compared to the real costs that the problem would end up costing. The government therefore announced a further £3.5bn fund in February 2021 for buildings over 18 storeys and a loan scheme for buildings that did not qualify for the above. The loan scheme offered is a low interest facility whereby no leaseholder will pay more than £50 per month and the debt will stay with the property not the owner.

In addition to the grant and the loan scheme the government also revealed plans to tax developers over the coming years which should raise around £2billion. It will be targeted at the larger developers many of whom were responsible for buildings that have subsequently been found to contain combustible cladding or had fire compliant issues.

Has this government support sorted out the issue? In reality no. Whilst the support is welcome/needed the true cost of the works required to make all apartment buildings compliant could run into £10’s billions. Some estimates even suggest the total bill may reach £50 billion. Whilst the theory behind the EWS1 form was sound/sensible the way that the system has evolved has resulted in too many “compliant” buildings finding themselves failing the EWS1 process, resulting in leaseholders being unable to move/remortgage.

What’s the current situation in Liverpool City Centre? Not good. Whilst there are relatively few 18m or higher buildings that have combustible cladding as part of their exterior many other buildings have been caught up with the whole EWS1 “scandal”. Whist the original requirement for the EWS1 form was for tall buildings with cladding it has slowly but surely been extended to almost all buildings.

We have seen examples of buildings that are free from cladding and with very limited fire risk failing EWS1 tests due the lenders worsening view on accepting any risk whatsoever. The ironic situation we now found ourselves in is many lenders are refusing to lend on buildings that have failed an EWS1 in which they currently have many mortgagees that they have already lent to!

Is there any “light at the end of the tunnel”? Yes there is light at the end of the tunnel and we do believe we have reached the low point of the problem over the last 12 months but that doesn’t mean that the problem will go away quickly. Lenders are still assuming a “nil risk” approach to the whole EWS/lending issue which is resulting in the potential for safe buildings to be caught up in the wider issue. Many surveyors have spoken as to their frustration that some buildings they believe should be fully mortgageable are failing for the wrong reasons. The RICS understands the problem and are keen to see a solution but must work harder with lenders to bring a sensible plan to fruition which offers existing leaseholders/owners the ability to sell/remortgage.

Leaving EWS1/cladding aside for the moment (and as the headline suggests) the market has improved significantly over the last 3-4 months, despite concerns about the future sustainability of city centers as a whole. As we have highlighted previously, the city centre will prosper post lockdown and it seems buyers agree wholeheartedly. With prices having boomed in the suburbs the city centre has become even more affordable and offers a real alternative solution to those buyers who want to enjoy the leisure, hospitality, culture, and retail that Liverpool offers and will continue to do so going forward.

Alan Bevan Managing Director City Residential April 2021 0151 231 6100/07970 498187 [email protected] www.cityresidential.co.uk

NEXT ISSUE: July 2021 OUR CHOSEN CHARITY

City Residential, Liverpool’s leading city centre residential agent have reinforced their long term support for Claire House Children’s Hospice by agreeing to a once a year donation based upon their annual operating profit. Their commitment, that will last indefinitely, sees the firm donate 1% of their pre-tax profits to the Wirral based charity every year. Their first donation saw them presenting a cheque in early 2015 for £3,812.50 to Helen Carlson at Claire House with subsequent donations in 2016, 2017, 2018, 2019 totalling well over £15,000

The ongoing donation from City Residential comes at an important time for Claire House with them having just launched a Liverpool base at a former monastery on Honey’s Green Lane in West Debry. Whilst initially the site – a former will offer day-care services, counselling and complementary therapies, as well as hosting the mums, tots and babies groups. The new hospice is in addition to the current Claire House Children’s Hospice adjacent to Clatterbridge Hospital, which is already at capacity and difficult to reach for many parents. More than half of the children who use it come from the Liverpool side of the Mersey.

“We have supported Claire House for over 10 years and this long term commitment is the least that we can offer a charity that does such wonderful work in looking after children from all areas of The Northwest” commented Kerry Rogerson-Bevan director of City Residential “Although there are other children’s hospice’s across the UK Claire House is our local children’s hospice and their passion and long term commitment in providing care to children with life limiting life threatening illnesses is second to none and deserves all of our support”

In November 2019, we were part of a team that scaled the mighty Kilimanjaro for Clare House. Together with trekkers from Bruntwood, Box Clever, Urban Splash, K2 architects and BAE Systems we raised well nearly £30,000 by taking the Lemosho route to the peak which stands at nearly 6,000m. The trek was organised by 360 Expeditions one of the UK’s market leaders in trekking and mountaineering trips around the globe. The trip was headed up by Keith White of 360 on his 2 nd trip to climb Africa’s highest mountain and the highest freestanding mountain in the world. We were blessed with good weather throughout the tip but it was still an extremely difficult challenge which we were all glad to have conquered.