Liverpool’s Baltic Village development has been sold for more than £50 million, in one of the largest private rented sector (PRS) transactions outside of London.

Residential property fund Vista Fund and Hermes Investment Management have entered into an agreement to buy the 324-apartment scheme, which is currently being built in the city’s Baltic Triangle area, from developer Promenade Estates.

The one, two and three-bedroom properties, which will be available solely to rent and will also be accompanied by a concierge, meeting rooms, a café and social area, will continue to be built by Promenade Estates and then handed over to Vista on completion, which is due to take place during September 2016.

Peter Hynd, chairman of Promenade Estates, says: “It’s great news for Liverpool to be able to attract Grade A investment to the city and demonstrates its leading power in property and investment in the North West.”

Adrian Bird, national head of acquisitions for Countrywide, which has established Vista Fund, says: “It is great to be working with Promenade Estates on this exciting new development. Liverpool city centre postcodes contain the most affluent group of tenants in the country. Three quarters of tenants choose to rent as a positive lifestyle choice meaning prime city centre markets are performing particularly strongly. We are proud to be part of the city’s future and helping more people to find the right home for them.”

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