Countrywide Buys Whole PRS Development
Countrywide’s residential property fund, Vista Fund, is buying a whole off-plan private rental sector development in Liverpool.
The Vista Fund, established alongside investment manager Hermes, is purchasing Baltic Village for over £50m.
All of the 324 apartments at the site will be reserved for private rental purposes.
The development will also include 6,100 sq. ft. of retail space, 358 car parking space and 11,000 sq. ft. of tenant amenity space, including a concierge service, meeting rooms, a café and social area.
Balfour Beatty has been contracted to build the project, which is due for completion in summer 2016.
It is one of the largest built-to-let deals outside London.
Managing Director of Countrywide, Graham Bell, says: “We view Liverpool as a strong investment proposition and we very much see similar regional investments as the future of the private residential sector in the UK.”1