North West based ethical property developer Integritas Property Group (IPG) has secured a £5m development loan from StreamBank to fund the next step of IPG’s luxury residential development at Bastion Point in Liverpool.
The funding has been brokered by GapBridge Capital, and it will allow the completion of the first phase of the development, which comprises 69 one and two-bedroom contemporary high-specification apartments set over seven floors.
Located in Vauxhall, just a short distance from Liverpool’s vibrant 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, which is a short walk from the World Heritage site of Albert Docks, 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 per cent, and short-term lettings investors yielding upwards of 10 per cent p/a.
Mitchell Walsh, managing director of IPG, commented: “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.
“We now look forward to delivering all units in phase one, which have already sold out, so we can play our part in the regeneration of this area of Liverpool by providing well-needed quality housing.
“As an ethical developer, IPG has a long-term commitment to helping grow sustainable communities in the Northwest, and we believe Bastion Point will provide a wonderful living experience for Liverpool’s residents.”
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