Vista Fund, the residential property fund established by Countrywide and investment manager Hermes, is buying the whole of a large off-plan development in Liverpool.

It will use all 324 apartments for private rental purposes.

Vista is buying Baltic Village for over £50m.

The development will also have 6,100 sq ft of retail space, 358 car parking spaces and 11,000 sq ft of tenant amenity space, which provides concierge facilities, meeting rooms, a café and social area.

Balfour Beatty has been contracted to build the scheme which is due to complete in summer 2016.

The build-to-let deal is one of the largest private rented sector transactions outside London.

Graham Bell, managing director at Countrywide, said: “We view Liverpool as a strong investment proposition and we very much see similar regional investments as the future of the private residential sector in the UK.”