Infinity remodels Albany building

INFINITY Asset Management is to create six new apartments within The Albany complex at Old Hall Street in Liverpool’s business district.

The Manchester-based fund manager, which acquired The Albany from administrators Ernst & Young last year through a joint venture with 53N, is to convert ground floor units to the sides and rear of its courtyard from empty commercial units into apartments.

The company has also spent around £60,000 on a new concierge desk at the entrance of the building.

Infinity director Les Lang said that one of the problems of developing ground floor units is that people feel quite exposed due to a lack of natural light. However, the internal courtyard within the Albany building – a former Cotton Exchange – allows it to offer garden spaces to ground floor purchasers. Two ground floor units facing onto Old Hall Street are being retained for commercial use, though.

The Albany building was initially developed by Albany Assets – a company owned by Liverpool-based entrepreneur Chris Nisbet, which was placed into administration in 2005 following a dispute with contractor David McLean.

Ernst & Young remained as administrators of the building for five years until its eventual sale to Albany in June 2010.

Lang said that Albany had also invested money on improvements to its roof and its common areas, as well as dealing with “social issues” arising from some of the flats being sub-let for short periods.

“There were a lot of stag and hen parties, but we’ve sorted all of that out,” he said.

He said the building offered something different to the more generic new-build apartments that have been completed in Liverpool, adding that once the remodelling was complete it would prove to be “an asset to the city once again”.

Ernst & Young had leased many of the apartments to generate income, but Albany eventually plans to begin offering properties for sale again.

Infinity Asset Management recently agreed a new £123.5m property and venture capital fund with its investors. Much of this has been earmarked for overseas investment, but it has used some of the cash to buy the Manchester International Office Centre close to the airport for £13.5m

“We are looking at other property and business opportunities,” said Lang.