Plans have been submitted by Prospect Capital and Wilcocks & Wilcocks to Liverpool City Council for a £35m development in central Liverpool.

The 27 storey residential tower called Ovatus 1 is designed by hodder+partners and will cover 144,000 ft.² once completed with amenities and public space incorporated. It forms the first phase of a two-tower development on the site; an application for an adjacent taller tower, Ovatus 2, will be submitted for consideration in 2017.

Martin Wilcocks of Wilcocks & Wilcocks said: “The project is currently fully funded and financed to ensure the scheme’s deliverability, with enough presales secured to ensure the tower is fully occupied on completion. A testament to the demand for this kind of stock in Liverpool.”

The development will regenerate the current site, and is planned to comprise of 168 residential units, including 14 3-bed apartments, 88 2-bed apartments, 22 1-bed apartments and 44 studio flats. There will also be 187 cycle storage spaces provided, as well as public realm improvements, including hard and soft landscaping.

Nick Fillingham, Associate Director at Indigo Planning, said: “With demand for high quality residential units growing in cities such as Liverpool, there is currently a real appetite in the market for this kind of development.

“The scheme’s close proximity to the historic Princes Dock, as well as the existing local amenities and direct access to Liverpool’s City Centre, will create a sought-after development which is set to improve the area’s residential offering.”

The application is set to be determined towards the beginning of 2017, following which start on site could begin as early as April 2017.