Transaction Type
Site Acquisition, Funding & Development of a 202 studio-bed PBSA Asset
Investment Category
Equity
Key Risks
Planning, Construction, Operation, Occupier Market, Investment Market
Value Add
- Planning
- Development
- Operation/stabilisation
- Funding optimisation/refinancing
- Creation of high quality, repeatable, long term income stream
Acquired
December 2024
Status
Site acquired and planning consent granted
Another early stage part-constructed site was acquired from administration after the previous developer was unable to deliver the scheme under a fractional ownership model. Blacklight was well-placed to acquire the asset after its success at delivering the Limelight and True/Aura Liverpool schemes nearby, both failed part-built assets with similar complexities faced by any site that has had to be re-started after stalling.
Planning has been granted via a unanimous decision for a 202-studio bed high end PBSA scheme with oversized studio accommodation and above-market quantum of amenity space. Construction will begin in 2025 with all relevant warranties maintained or increased. An over-arching 10-year structural warranty is to be added as an additional security measure. The completed scheme will be operated via a third-party manager post-construction. This project will be the second to be part-funded by a well-known European PE fund under a framework agreement that gives Blacklight significant financial firepower to acquire further sites.
The asset is located within the Knowledge Quarter in Liverpool, and Blacklight will be stripping the currently part-built residential asset back to its slab and steel frame to create a luxury, best-in-class addition to the Liverpool PBSA market.
