An old warehouse in Liverpool's "bohemian heart" is set to be filled with dozens of emergency accommodation apartments in a bid to ease the city's housing crisis.
The block of 33 newly refurbished one and two-bedroom homes will be on Seel Street in Liverpool's Ropewalks area.
Called Pax Apartments, the new homes are intended to address the "immediate need" for emergency accommodation and long-term supported living and affordable homes in the city centre.
The development is being carried out by Octevo Housing Solutions and launched and promoted by Abundance, which has said interested parties can invest a minimum amount of just £5, with the homes expected to be ready for tenants by "late autumn 2019".
Bruce Davis, joint managing director of Abundance, said: “Measures to tackle the UK housing crisis like Help to Buy have made house builders even richer while ordinary people are still priced out of the market and waiting until they are in their ‘30s before they can take the first step on the ladder.
"There is a better way. Through Octevo’s model, Abundance customers can help give people good quality homes enabling them to put down firm roots and so building a better long-term future for everyone. Making money with purpose can start with an investment of just £5 – that’s got to be more effective than putting your spare change in a hat.”
Abundance said some of the apartments may also be used during the first few years to provide people in the greatest need with short term, high quality emergency accommodation.
A spokeswoman said there is a "critical shortage" of this type of housing that is good value, of a high standard, and providing all the basic amenities for daily living. In Liverpool, almost 250 families and households are homeless, in priority need or in temporary accommodation, so Pax "will make an immediate impact".
The apartments are being built in the historic Ropewalks area on the south side of the city centre, which takes its name from the ‘roperies’ that serviced the shipping industry following the building of the world’s first commercial wet dock in Liverpool.
The development lies within an up-and-coming conservation area, with new retail, commercial and housing development mixed in with historic merchant houses and warehouses.
Developers say the project has "carefully considered" the environmental, social and economic impact in the design and planning process.
It follows Octevo Housing Solutions and Pax Apartments raising £3.1m to complete redevelopment of the warehouse, calling the development "key" to the city's regeneration.
The flats will be maintained and managed by a registered social landlord, and let as supported living accommodation and affordable housing to people on local waiting lists.
Robert Macmaster, director of Octevo Housing Solutions, said: “Housing is a fundamental need; the security of having somewhere that is ‘home’ is central to people’s well-being and by extension to that of society.
"We’re offering a viable long-term solution that will ease council waiting lists and prevent housing shortages from continuing to escalate.
"The success of our first project on Abundance has paved the way for Pax Apartments, and we very much hope that more investors will join us in this endeavour.”
Liverpool has 16,500 people on the council waiting list looking for homes. Across England, more than a million households are waiting for social housing, according to 2018 data from housing charity Shelter.
