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Brabners Chaffe Street advises on Liverpool student residential scheme
27/07/2010Leading North West law firm Brabners Chaffe Street has advised two Liverpool entrepreneurs upon the acquisition and development of a new student accommodation and retail scheme in the city.
Liverpool Edge Limited secured a £2.3 million lending package for development and long-term finance of the scheme, which was provided by Santander Corporate Banking, The four-storey Chatham Lodge scheme will provide 50 en-suite student bedrooms and 4,000 sq ft of retail accommodation on the ground floor. It will be aimed primarily at postgraduate, overseas and mature students.
The £3.9m development is located adjacent to the University of Liverpool campus on Myrtle Street and near to both John Moores University and the Liverpool Institute of Performing Arts.
Liverpool Edge is run by David Brewitt, the chief executive and owner of Liverpool's award winning Hope Street Hotel and Alan Beer, director of Beers Timber & Building Supplies.
James Clarke, Property Partner at Brabners Chaffe Street said: “We have worked with Liverpool Edge on this scheme from the very beginning, advising on the site acquisition right through to the development funding and potential avenues for disposal. This finance deal will secure the completion of this commercially viable development and assist in the regeneration of an area of the city, which is a key location for students and visitors alike. It is particularly pleasing to have been involved with a development project of this scale and nature, in times when availability of commercial lending for developments is so scarce and therefore so few commercial developments are actively progressing. This scheme demonstrates that there is still an appetite for a properly conceived development, which meets and understands the current economic climate.”
For further information contact James Clarke at Brabners Chaffe Street on 0151 600 3387
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