One area of Liverpool's city centre will change dramatically as a new tower containing 258 flats is being built.
Hughes House, the modern extension of the shop on London Road, will be replaced with a 10 storey building that will have 258 apartments and a roof terrace.
It comes as Town Square Group have completed a £40m sale to the Bank of Montreal UK Funding house.
READ MORE: Mum felt something 'pop' as boyfriend broke her eye socket
The project boasts a selection of 15 modern studios, 144 one-bedroom and 99 two-bedroom apartments and will also have space for a shop on the ground floor.
The plans will provide needed market rents and discounted rents to the city centre, which will be offered on flexible leasing terms by its operator Home Group.
The land deal, headed by the founder of Town Square Group Anil Juneja, has been three years in the making.
Town Square Group will be working with Home Group and the project team consisting of UK Land and Property and ENGIE Group’s division Equans to deliver the project.
Mr Juneja explained: “This scheme is a major win for the city and we are proud to have spearheaded its creation from concept to conclusion.
"Town Square Group understands the importance of the need and demand for high-quality and affordable housing in Liverpool’s city centre and this will be the first of many that we aim to deliver.
"The development has received great supported from Liverpool City Council and the Fabric District CIC and will help to provide much needed employment to the Fabric Quarter as well as regenerate the local area around London Road."
Peter Lowe, fund manager at BMO Real Estate Partners added: "This acquisition provides us with an opportunity to support the delivery of affordable private rental housing in Liverpool while also generating sustainable, inflation-linked long term income returns for investors.
"The scheme will enable us to satisfy local demand, particularly from key workers employed within the local authority."
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
