Neptune Developments starts work on multi-million pound residential scheme in Liverpool's Baltic Triangle

Work has started on a multi-million pound residential scheme in Liverpools Baltic Triangle creating three blocks housing 324 apartments as well as retail and leisure space.

Neptune Developments has put together a 24m funding packing to start work on the project next to the Baltic Fleet pub and just outside the city centre.

A previous developer, Windsor, had started work on the site in 2006. But the scheme collapsed in 2007 with debts of 46m, becoming one of the biggest property failures in the city.

The site was abandoned with some concrete structures still in place, including foundations and lift shafts, and basement car parking.

Now Neptune, which already has a strong track record for delivering projects in Merseyside, has started work on the site with completion due between June and September next year.

Neptune will be committing a substantial amount of its own funds into the project and has secured funding from HSBC.

The company told the ECHO: The funding package, worth 24m, will assist with the cost of developing the scheme that will provide an important option for those looking for accommodation in this part of Liverpool, which is not only a convenient position to live, but also a prestigious one in context of the Liverpool city centre market.

The Baltic area has undergone a major transformation in recent years and is now an established hub for hundred of businesses in the creative and digital sector.

Balfour Beatty Construction is the main contractor and Jon Adams, the firms delivery unit managing director, added: Balfour Beatty has extensive experience in delivering high-end residential schemes, and of working in Liverpool where we have constructed the Liverpool One development and the recent successful completion of the Aloft Hotel.

We have a long established relationship going back over 15 years with Neptune and we look forward to working with Neptune Investments to deliver this exciting new development in the heart of the Liverpool docklands.

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Neptune Developments starts work on multi-million pound residential scheme in Liverpool's Baltic Triangle