THE city centre residential market is showing a strong improvement, after One Park West revealed sales of more than £25m in a year.
Only 12 months after it was opened, sales at the 17-storey residential scheme, in the heart of Grosvenor’s £1bn Liverpool One centre, have made it the best-selling development in the London property company’s nationwide portfolio.
The building, designed by Cesar Pelli, world-renowned for the Petronas Towers, in Kuala Lumpur, offers 326 apartments, from studio to one- two- and three-bedrooms.
Since its official launch last December, 144 units have been completed and 120 apartments have been let, achieving some of the highest rents in the city, ranging from £525 a month for a studio to £900 a month for a two-bedroom apartment.
Project director Guy Butler admitted: “Demand and new sales had struggled during the first quarter of 2009, partly due to the availability of viable mortgage products and potential purchasers being nervous to take the plunge until they saw how the economic landscape was likely to pan out.
“However, in June we witnessed a demonstrable change in the market, with an upturn in sales which has resulted in an average of close to two sales reserved per week for the last six months.
“Demand for lettings has been phenomenal, achieving some of the highest rents in city.
"It is a time-honoured truth that the right product in the right location will always sell, even in a brow-beaten economy, and in 2009 One Park West has proved that theory true."
Early this month, LDP Business revealed that 85% of apartments at the nearby Mann Island scheme have already been sold.
The development by Liverpool’s Neptune Developments and its partner, Countryside Properties, includes 376 flats from one- to three-bedrooms, starting from £180,000 in two residential blocks.
Andrew Schofield, at Victoria Street-based property agent City Residential, said the sales surge confirms a return of confidence.
“Earlier in the year it was dire and no-one was looking to buy, but prices have come down to an affordable level and it is an attractive proposition now.
“Places like Mann Island and One Park West are good products at good prices.”
He added: “There was a lot of inward investment with Liverpool One and Central Village at the back of Hardman Street, so we are probably out-performing peer cities like Manchester and Leeds.”
