Port of Liverpool Building sold for £27m

THE sale of one of the North of England’s most iconic waterfront offices for more than £27m has been agreed with owner Downing.

The Port of Liverpool Building, a centrepiece of the city’s UNESCO world heritage waterfront, is due to be purchased by an international investor.

The sale was handled Cushman & Wakefield acting for the vendor and by Bilfinger GVA acting for the purchaser.

Ann Lodge, chief executive of Downing, said: “We invested heavily to restore The Port of Liverpool Building to its original glory and to bring it up to Grade-A equivalent standard.

“Our multi-million pound programme of works to refurbish and modernise the building will help to ensure it retains its place in the city’s architectural legacy for many decades to come.

“The sale process was incredibly competitive, with strong international and domestic interest. This is a great sign for the Liverpool property market and shows that the city is firmly on the map for international investors.

“We look forward to finalising this process before the end of the year. The sale will put us in a strong position to continue to grow the Downing brand and acquire more prime UK sites for investment and development.”

Bilfinger GVA and Cew Capital who acted for the purchaser said in a statement: “Our client is delighted to have acquired such a trophy asset and has a long term hold strategy for the property.

“The ongoing renaissance of Liverpool played an important part in their decision to acquire the property, and they look forward to continuing to invest in this prime Liverpool asset.”

Downing acquired the building in 2001 and spent £8.5m restoring the property which sits on the waterfront alongside the Cunard Building and the Royal Liver Building.

Alison Mills, real estate partner at  the Liverpool office of international law firm DLA Piper, advised Downing on the sale.