West Derby was the first acquisition for Dukemount Capital Plc (Dukemount) and involves the demolition of a large existing building in Liverpool and the development of a purpose built residential and retail building. The new building is being developed to the exacting specifications of a housing association in the supported living sector which has signed a 50-year lease and includes 17 apartments as well as 3,200 square feet of retail space.
A segregated mandate limited partnership managed by Alpha Real Capital, which bought the project in December 2018, is funding the complete development cost of £3 million. Dukemount is managing the development using monthly draw-downs from the £3 million. A development profit is paid to Dukemount upon practical completion of the development and this will be reflected in the results which follow completion.
The Wavertree project acquisition shortly followed West Derby and involves the refurbishment of a large residential property to exacting standards for a housing association in the supported living sector which has signed a 30-year lease. At the request of the housing association plans for extending the property for further accommodation was made and planning permission was granted for a slight extension to the building. The architect and development consultants on both projects were the Halsall Lloyd Partnership and MDA Consulting.