Capital & Centric has bought a 40,000 sq ft derelict office building in Liverpool from Derwent Lodge Properties.
The eight-storey building on Tithebarn Street in the city’s commercial district comes with 50-space car park.
C&C plans a £6m refurbishment (pictured), which was approved by Liverpool councillors last month.
The building, which has been vacant for more than eight years, was originally purchased by Derwent Lodge to form part of the new magistrates’ court proposals with Kajima.
The area surrounding the building forms part of Liverpool’s Business Improvement District, is a mayoral development zone and is within a conservation area.
The acquisition takes C&C’s Liverpool portfolio to over 350,000 sq ft.
Adam Higgins, director and co-founder of Capital & Centric, said: “This 1970s structure is like something straight out of TV drama ‘Life on Mars’. It’s a shame that so many of these buildings have been demolished over the years as they’ve fallen out of fashion.
“In the same way that the old red-brick mills have enjoyed a revival, these types of buildings will eventually be seen as worthy of keeping.
“It’s challenging to find a viable way of bringing a building like this back into use without ‘throwing the towel in’ and knocking it down, but we feel to do that would be a waste and a missed opportunity.”
Knight Frank acted for Derwent Lodge on the disposal; Capital & Centric represented itself.
jack.sidders@estatesgazette.com
