Freeths advises Nexus Residential on funding for £35m development

National law firm Freeths has advised Nexus Residential (Nexus) on securing essential funding for the £35m development of 174 apartments in Liverpool’s Baltic Triangle. 

Regional property developer Nexus is well known for leading on some of the city’s most innovative and exciting residential projects, having delivered over 800 properties in the last five years in Liverpool, including the renowned eco-development, Element - The Quarter.

Nexus acquired this site from Caro Developments last year and has now secured a £20m development loan with Maslow Capital to fund the build through to completion, which is due in the final quarter of 2025.

The Central Park site will include a mixture of one-, two- and three-bedroom apartments with a “five-star hotel-style reception and concierge”, as well as a private roof terrace. Nexus has also already paid section 106 contributions to Liverpool city council of around £350,000. These are to directly fund planned enhancements of the adjacent park on Gore Street for the benefit of the local community, for off-site tree planting in the local area, improvements to the city centre and a contribution to public art. The total section 106 contributions to enhance the local area will be around £500,000 once the development is completed.

The Freeths legal team was led by Real Estate Partner Stephen Lewis and Director Mark Alexander, with assistance from Ben Moylan, Louise Kelly and Pippa Clemett in Banking, along with Marie Mulligan and John Ridehalgh in Construction.

Mark Alexander said: “This is such an exciting project to work with our client on as it will really embody the culture of Liverpool with the design taking inspiration from the City’s historical Royal Albert Dock. As our Liverpool Team continues to grow, this deal really highlights the strength of our regional capabilities for developers.”

Michael Gledhill, Managing Director of Nexus Residential added: “We are proud to be transforming this derelict brownfield site in the city centre into an attractive residential development which will add to the burgeoning population in the Baltic Triangle, and that our significant contributions through section 106 payments will help Liverpool City Council to redevelop the Gore Street Park, and to plant trees in the local area. We’d like to thank Maslow Capital for their continued support in funding the project, following on from the success of One Baltic Square, which has really enhanced the local area. Also, a huge thanks to the team at Freeths for their hard work on completing the funding deal."