Liverpool-based Vermont Developments has purchased a site on Chapel Street in central Liverpool for a new 60,000 sq ft speculative office scheme.
The company will submit an application for the £20m development, which is situated next to Rumford Investments’ Unity scheme, this week.
Vermont is understood to have paid around £1.5m for the 0.3-acre site, which it bought from Menston Ltd, a fund managed by Rumford’s parent company, Capital & Provident.
The proposals comprise eight storeys of Grade A offices in two buildings, one of 15,000 sq ft and one of 45,000 sq ft, with entrances on Chapel Street and Rumford Place.
Floorplates of between 2,000 sq ft and 5,500 sq ft will be offered on a leasehold basis and the developer is also considering possible freehold sales.
Liverpool is currently undergoing a boom in office development with the 155,000 sq ft Unity completed and 130,000 sq ft of development underway in the latest phase at English Cities Fund’s St Paul’s Square.
Unity remains unoccupied after a £20 per sq ft deal involving Halifax Bank of Scotland fell through during the summer.
Mark Connor, chief executive of Vermont, said he was confident that the Rumford Court scheme could be successful.
He said: “The city has more Grade A office supply on its books than it has had for some time but there is an undersupply of schemes with smaller floorplates.
“An office scheme like this is a natural progression for us as a mixed-use developer. We are keen to spread our risk and get a more balanced portfolio.”
Vermont’s other schemes in Liverpool include the 384,000 sq ft residential-led Sefton Street Quarter, in joint venture with Ethel Austin Property Group.
Letting agents have not yet been appointed for the Rumford Court scheme, which is designed by architect Falconer Chester.
References: EGi News 24/11/06
