West Tower, the apartment scheme developed by the Beetham organisation in Liverpool, has been placed on the market for £12.5m.
Jones Lang LaSalle has been appointed to sell the 40-storey tower, which contains 123 flats and is Liverpool’s tallest building, by administrator Grant Thornton.
West Tower Liverpool and Mapfield Properties, the two Beetham subsidiaries that together controlled the building, were placed into administration in February 2011.
More than 100 of the flats are let to tenants, with 17 owner-occupied or in the process of being sold. The scheme also contains 12,500 sq ft of commercial space on the ground floor and a restaurant on the 34th floor, which is run by a separate company not affected by the administration.
Martyn Green, director of Jones Lang LaSalle in Liverpool, said: “West Tower is a landmark building and has attracted a great deal of interest from private investors and institutions. We already have firm enquiries, no doubt driven by the quality of the building, its unrivalled location and the fact it is almost fully occupied.”
Joint administrator Les Ross of Grant Thornton said: “West Tower was hit by the fall in property prices since the building was completed in 2008, and the companies behind it struggled to meet their bank borrowing requirements. We’re pleased to have reached the point where it’s available for sale, and believe its quality and location will make it an attractive proposition for the market.”
daniel.cunningham@estatesgazette.com
