Invesco Real Estate, the global real estate investment manager, announces the completion of The Copper House, a landmark BtR residential development of 383 units in Liverpool City Centre. The asset has been developed in partnership with developers Patten Properties and Panacea Property Development.
Overlooking Liverpool’s iconic waterfront, The Copper House features a mix of of one, two and three-bed apartments, including communal spaces and a private gym, alongside a 1,000 sq ft of ground floor commercial unit. Designed by Leach Rhodes Walker Architects and constructed by Graham Construction, the scheme offers residents rooftop facilities, a garden space, an outdoor covered kitchen, as well as a multi-use central space for events or exercise.
The Copper House benefits from a prime location in Liverpool with views over both Canning Dock and the River Mersey and is within walking distance of Liverpool City Centre’s retail district and the main train station at Lime Street.
This is the second major residential project that Invesco has successfully delivered over the past 12 months in the North West of the UK, despite the challenges of the Covid-19 pandemic. In May 2020, the firm announced the completion of Oxbow, a development of 263 purpose-designed units in Salford, Manchester, which today is 34% leased despite all of the challenges that the team have faced over the months since the project completed. Today, Invesco has a total of 16 assets in its UK BtR programme representing 3,776 units nationwide.
The creation of sustainable buildings for mixed and balanced communities across the UK is a central pillar of Invesco’s BtR programme. Last year, the firm announced that, as part of its sustainability pledge to its investors, it was one of the first managers globally to successfully submit a UK residential portfolio of six assets to the newly established BREEAM In-Use residential scheme with the Building Research Establishment. This applies data-driven and measurable sustainability benchmarks across its residential portfolio.
John German, Managing Director, Residential Investments at Invesco Real Estate commented: “Our residential programme is more than just a ‘bricks-and-mortar’ strategy. Community and tenant engagement is absolutely essential for building places where people love to live, work and play. We are therefore delighted with the successful completion of this standout development on Liverpool’s historic waterfront. This landmark asset represents another strong addition to our residential portfolio.
John continues: “Our UK BtR programme continues to grow in size and scope and we believe offers an attractive risk-adjusted return profile for investors. As we have seen, even through the turmoil of the last 12 months, the fundamentals behind the UK BtR sector remain strong and supportive of continued demand and growth, with tenants increasingly gravitating towards high quality assets such as The Copper House.”