Flats up for rent as market contracts

Jul 23 2008 by Tony McDonough, Liverpool Daily Post

DEVELOPER ECF is to offer 10 of its 50 St Paul’s Square apartments for rent, rather than for sale, in response to the credit crunch.

St Paul’s Square, in Liverpool’s central business district, mostly comprises commercial office space.

The scheme also includes 50 apartments and ECF originally pledged to sell the units to owner-occupiers rather than investors.

However, the credit crunch has sent the UK housing market on a downward trajectory, with people having great difficulty finding mortgages.

ECF head of sales and marketing, Catie Evans, said: “Our vision for St Paul’s Square has always been to create a sense of place and community and for that reason we have always tried to avoid selling to buy-to-let investors.

“That policy remains in place but we recognise that buyers are facing hurdles obtaining mortgages because of the credit crunch.

“We believe in the quality of St Paul’s Square and want people to enjoy this marvellous location and everything Liverpool has to offer, so the rentals make sense to us.

“We’d like to give people the chance to experience St Paul's Square because it offers Liverpool a completely different kind of city environment. Our hope is that by renting the apartments we will encourage tenants to consider staying longer than their original six month term.”

The homes start at £520 per calendar month, and are being marketed by King Sturge.

“We are delighted to be able to offer these units for rent,” said Lynsey Smith, lettings manager at King Sturge. “We get many enquiries from people wanting to live in this building and until now we have been unable to meet the demand.”ŠŠŠŠŠ

St Paul’s Square, in Old Hall Street, is one of the city’s keynote regeneration projects. It features 50 apartments and 130,000 sq ft of office space.

tonymcdonough