London group buys Liverpool’s West Tower
By Bridging Loan Directory -
A London property investor has acquired Liverpool’s tallest building, West Tower.
Delph Property Group has bought the 40-storey tower, built by Liverpool developer Beetham which later went into administration.
Administrator Grant Thornton confirmed it had lined up a buyer earlier in the summer but it has taken three months to conclude the deal.
The Liverpool office of Jones Lang LaSalle was marketing the site with an asking price of £12.5m, a 40% discount to the £30m it was valued at on completion in 2007. The sale price was not disclosed.
It said it received more than 100 expressions of interest in the building which has 127 apartments and five floors of commercial space. Delph is owned by Paul and Vanessa Crocker and has properties in London, Bristol, Cardiff, Nottingham and Reading.
Director Howard Crocker said: “West Tower is the finest residential building in Liverpool and represents a superb addition to our portfolio of prestige properties.
“The word iconic does get overused in property but in the case of West Tower it is fully justified. It has a stunning location and is a quality proposition.”
Administrator, Les Ross, from accountancy firm Grant Thornton, said: “We are pleased to have resolved all the issues and concluded the sale.”
Martyn Green, director at Jones Lang LaSalle, said: “This is a unique transaction for the North West’s residential market. It is very rare, in any city, for a scheme of this scale and quality to be up for sale in its entirety. West Tower is a true landmark building and unsurprisingly we received a significant level of interest. The scheme is a fine addition to Delph’s portfolio.”