City Living is to embark on Liverpool’s largest ever residential conversion at the 13,006 sq m (140,000 sq ft) Tower Buildings scheme on The Strand.
The Manchester-based residential developer has just acquired the site from B&K Agencies for an undisclosed sum. The development cost for the proposals will be £15m, while the end value will be £20m.
A planning application has been submitted for a 92-flat scheme, with offices, retail and leisure units located on the ground floor.
Alan Murch, head of agency at Insignia Richard Ellis, which is advising City Living, said: “This is the largest residential conversion ever to be undertaken in Liverpool and demonstrates the strength of the residential market. We’ve already received serious interest from investors – I expect prices to be pushing £200 per sq m (£18.60 per sq ft) mark.”
The eight-storey scheme is situated opposite the prominent Royal Liver Buildings and is currently only 40% let to office occupiers and leisure operator Ma-Boyles. City Living plans to develop the building in phases, while trying to keep existing tenants. The vacant first and second floors will be redeveloped for office use first, followed by the residential element above.
Subject to planning, work on the first phase will start in late summer.
EGi News 26/06/00
