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Hill Dickinson advises Legacie Developments on £60m loan for the redevelopment of Heaps Rice Mill

Hill Dickinson advises Legacie Developments on £60m loan for the redevelopment of Heaps Rice Mill

Law firm Hill Dickinson has advised Liverpool-based property developer Legacie Developments on a £60 million loan to fund a £140 million transformation of the former Heaps Rice Mill in Liverpool’s Baltic Triangle district.

The development is the largest to date in Legacie’s 10-year history. 

The loan, from Merseyside Pension Fund’s Catalyst Fund, which is designed to aid economic growth in the city, will help fund redevelopment of the Grade II-listed building into 620 apartments, an underground spa and a museum.

Hill Dickinson banking partner Richard Capper, assisted by senior associate Jordan Clarke, led on the banking aspects of the deal on behalf of Legacie, with assistance from trainee solicitor, Anna Timms. 

Real Estate partner Alex McCann and senior associate Jon Pearson-Basudev handled the property aspects, with construction partner Alan Pugh and associate Emily Williamson dealing with the construction-related elements.

Alex McCann said:

“We were delighted to advise Legacie on another exciting project securing finance that will see this iconic building and land around it brought back to life for residential and leisure uses in the heart of Liverpool city centre.

“As a full-service law firm, we were able to advise on the banking, real estate, planning and construction elements as a single multi-disciplinary team, which ensured a timely, cost-effective and fully joined up service to our client.”

John Morley, founder and CEO of Legacie Developments, added:

“The investment will help us bring to life an historic Liverpool landmark - unlocking local jobs, training opportunities and economic growth.”

Work on the redevelopment began in December 2022 and is due to complete in 2025, taking place across five phases. 
 

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