The deadline to sell Stanley Dock (pictured) in Liverpool – home to the Tobacco Warehouse, thought to be biggest brick building in the world – has been put back.
Owner Kitgrove began marketing the 13-acre (5.3ha) site, which also features two smaller warehouses, in July, and had declared the sale period would close at the end of 2002.
If no sale had been agreed by that point an application would be lodged to demolish the 1m sq ft (92,900 sq m) landmark, Kitgrove said.
But Chris Hennessy of marketing agent Insignia Richard Ellis said today: “We will look at setting out a timetable in the New Year. It is necessary to give the site a good six months of marketing due to its size and importance.”
Hennessy continued: “After the marketing period we will then ask people to make their formal offers and give them a month or so to do that before deciding the outcome of the process.”
Three or four potential bidders are currently examining Stanley Dock in serious detail, Hennessy added.
He declined to name names but confirmed Urban Splash, the North West urban renewal specialist, was among them, as previously reported.
The 19th century dock is likely to be the subject of a mainly residential redevelopment, with the cost of redeveloping just the 14-storey Tobacco Warehouse estimated at £75m to £225m.
A freehold purchase is available for Stanley Dock, subject to a developer’s agreement for phased refurbishment within pre-agreed timescales.
Alternatively, the freeholder would consider approaches from companies with joint venture proposals to redevelop the property, subject to covenant strength and track record.
Stanley Dock sits within the council’s Northshore masterplan area, which has been allocated £20m of European Union funding under the Objective One programme.
EGi News 03/12/02
