Sigma Capital's joint venture with Gatehouse Bank to build over 900 rented homes in the north-west of England is off the mark with a £27m development in Liverpool.
The Edinburgh-based property specialist has said that Regeneration Liverpool, its partnership with the city council, is beginning construction of 200 homes in the Fazakerly district in the north of the city.
Of these, 136 homes will be built for private sale by Countryside Properties, another of Sigma's partners in its programmes.
But 64 will be made available to rent under the £100m joint venture with Gatehouse, at a total development cost of around £6.7m.
They will form part of the initial tranches of new homes to be constructed across 14 sites in the North West through Sigma's partnerships.
Graham Barnet, chief executive of Sigma, said: "There is an urgent need for new homes - both for rent and for sale - in the region and we are pleased to play a part in helping to deliver them."
He added: "I am also very happy to see that a proportion of the new homes are being delivered through the PRS (private rented sector) platform we have created. The mixture of tenures is a new development for the area and will give people a choice as to whether to buy or rent these high quality family homes.
"This development, which is being delivered at an accelerated rate, will transform a site that has lain derelict for so long."
Liverpool has a Mayoral target of building 5000 homes by next year.
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