West Tower Liverpool Limited, the firm which owns the 40-storey West Tower in Liverpool, has been placed into administration.
The company had been affected by the fall in market values since the building was developed and had struggled to meet significant bank borrowing.
Les Ross and Martin Ellis of Grant Thornton have been appointed as joint administrators.
West Tower, which is Liverpool’s tallest building, was completed in 2008 and stands on Brook Street, overlooking the city’s waterfront. It contains 123 apartments, 106 of which are let to tenants, with a further 17 either owner-occupied or in the process of being sold.
The building also contains around 12,000 sq ft of commercial space.
The Panoramic Restaurant, which is located on the 34th floor, is owned by a separate company and is not involved in the administration.
Grant Thornton’s Ross commented: “We’d like to reassure all existing and future occupants that West Tower will continue to function normally, with services provided by the present managing agent Braemar Group. It will be business as normal for the people who live in and use West Tower.
“Over the coming days and weeks we will be considering the most appropriate strategy for the site but it’s worth saying that we recognise the value of West Tower and its unique position in the city.”
daniel.cunningham@estatesgazette.com
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