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Developers create vehicle for Liverpool regeneration

Regeneration group Sigma has formed a joint venture company with Neptune Developments to accelerate the delivery of a number of regeneration projects in Liverpool.14 May 2012

The joint venture's first project is a £120 million mixed use scheme and includes plans for between 400 and 500 new homes; a new school; a supermarket, and other facilities. 
The sites will be allocated to the joint venture from urban regeneration work arising from Sigma’s partnership with Liverpool City Council.

"Our joint venture with Neptune is a significant step towards the delivery of the Council’s regeneration objectives and helps to crystallise further value for Sigma,” said Graham Barnet, chief executive of Sigma.

The joint venture Neptune Inpartnership plans to regenerate Liverpool's Lime Street and Knowledge Quarter area. The £140m project would take about three to five years to complete and would need a master plan and delivery plan. 

The aim of the Lime Street regeneration is to improve the access and links between Liverpool City Centre and its two Universities.  

Sigma is already working on an existing 800-home regeneration project at Norris Green Village. The 63 acre site is five miles from Liverpool City Centre and has a development value of around £120m. 

The joint venture plans to share the development management fees and development profit on a project by project basis, which is expected to be about 3-4% of the total development value of each project. 

“Sigma Inpartnership has created a unique vehicle with the Liverpool City Council and their partnership philosophy fits perfectly with our own. It is a fantastic opportunity to combine expertise and delivery credentials for the benefit of the City,” said Steve Parry, managing director of Neptune Developments.