Commercial Estates Group has completed the sale of Silkhouse Court in Liverpool city centre to Fortis Developments and Signature Living, who have already submitted plans for a residential conversion of the block.
CEG sold the 15 storey, 120,000 sq ft building for £5.5m, with Brian Ricketts, partner and head of office agency at Hitchcock Wright & Partners, acting for them. Brian said ‘…The disposal…marks an ongoing realignment of the company’s investment portfolio in the city. CEG is a committed investor in Merseyside and is actively seeking new investment opportunities to further increase it’s foothold in the region’.
Due to permitted development rights, Fortis Developments and Signature Living had no call for a full planning application in order to convert the use from office to residential. They were advised by Ian Steele, director at Bilfinger GVA. He said: “Given its location, size and layout, Silkhouse Court represented one of the best remaining opportunities in the city to acquire an existing office building for conversion to residential use. The dynamics of the city centre are constantly changing with a large number of office buildings being sold in the traditional core and commercial district for alternative purpose and this sale marks a logical step in the continued evolution of the city.” The transformation of this building is due to be completed next year with a planned budget of £25 million and on completion will contain 193 flats.
Contact Brian Ricketts for more information