Investec provide £25 Million for development in Merseyside, Liverpool
Investec Private Bank’s Structured Property Finance division (‘Investec’) is assisting Azzuri Corporation Ltd (‘Azzuri’) in its acquisition and development of a residential site on Victoria Road in Formby, near Liverpool. Investec has provided senior debt with an element of the mezzanine to the value of £10.43 million.
The site, which is situated on one of the most prestigious addresses on Merseyside, currently houses an ex-professional footballer’s mansion. It will be demolished and six new 6,000 square foot detached houses will be constructed in a gated community. The houses have an anticipated value of £25 million.
Investec has completed on the land, and Azzuri is presently negotiating pre-sales prior to commencing the development.
The deal was introduced by Aidan Tiernan of Creative Commercial Funding Ltd (0845 47 47 016).