Prominent Liverpool development sold for £2.35m

Prominent Liverpool development sold for £2.35m

Regeneration of the prominent Liverpool city centre development Victoria House was given a significant boost last week, after property consultant Eddisons completed the sale of the troubled building to London-based developers.

Transformation of the notorious seven-storey former office building had stalled after previous owners Pinnacle Residential (Liverpool) Limited had fallen into administration, with a number of potential owners having handed over deposits.

The building, with planning permission for around 70 apartments, had been stripped to the shell prior to the administration. A national marketing campaign was launched to find suitable buyers for the property and generated significant interest.

The new owners intend to complete the transformation of the 27,000 sq ft building and refurbish to high-specification residential units.

Lisa Moxon Joint Administrator and Partner at Dow Schofield Watts, stated: “We are delighted to complete the sale of the property for the benefit of the bank involved and for the many parties who had paid deposits to Pinnacle on a number of the proposed flats."

Robert Diggle, Director at Eddisons and agent for Dow Schofield Watts, said: “We’re delighted to complete the sale of this landmark city centre building and enable an empty building to be transformed.

“Significant interest was generated on a local, regional and national basis from a diverse range of end users, whose plans for the building ranged from developing for residential apartments to apart-hotel, hotel and office use.

“Buildings in Liverpool City Centre are highly sought after and demand a premium at this present time, and we’re pleased we have achieved an excellent price for the client.”

Aron Azouz of A R & V Investments Limited commented: “We are excited to add a significant, prominent building in Liverpool City Centre to our portfolio. We intend to carry out a comprehensive redevelopment of Victoria House and look forward to bringing a unique product to the market. Units will be available to rent from Summer 2020.”

The Eddisons agency team help a range of corporate, public and private sector clients with the full range of commercial property agency services - providing leasing & letting, acquisition & disposal, transactional property advice in order to obtain best value.