A £5m development loan will enable Liverpool-based ethical property developer, Integritas Property Group (IPG), to complete the first phase of development at its luxury residential development at Bastion Point, Liverpool.
The funding, from StreamBank, has been brokered by GapBridge Capital.
Bastion Point comprises 69 one- and two-bedroom contemporary high specification apartments set over seven floors.
Located in Vauxhall, a short distance from Liverpool’s city centre, Bastion Point comprises a total of 240 one- and two-bedroom contemporary high specification apartments.
Designed by North West-based Snow Architects, the development will offer residents a landscaped communal garden, bicycle storage, and a dedicated concierge, plugging the gap for much needed high quality rental properties in the area.
The development will include ground floor space for retail units that will be available for use as cafes, shops and other leisure facilities.
All 69 units from the first phase of the development have already been purchased leasehold, with rents expected to yield 7.5%, and short term lettings investors yielding upwards of 10% per annum.
Mitchell Walsh, managing director of IPG, said: “We are thrilled to have secured this development loan from Streambank. It enables IPG to swiftly complete phase one of the project, and it also represents the first loan of its kind for IPG from a registered bank.
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