Press Releases

Investec Private Bank provides financial backing for £25 million Merseyside development

 

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 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 Principal Investment Proposals Ltd (0845 47 47 016).

 

Investec Private Bank’s Structured Property Finance commented:

 

This is an exciting project and underlines our commitment to supporting high quality developments conceived by new and existing clients.  The houses will be finished to the high specification demanded of the local area and interest in the properties is anticipated to be extremely strong."