Dubai investor buys former Liverpool Echo building
Savills, acting jointly with Paradigm Property Consultants, the development managers of Reach PLC, have sold the forward funding and mixed-use redevelopment of the landmark Liverpool Echo Building to Dubai-based investor, Select Group.
The redevelopment, set to complete in January 2020, will create a vibrant new mixed-use destination totalling approximately 300,000 sq ft (27,871 sq m) in the heart of Liverpool’s commercial district.
The building will comprise a new four-star Innside by Meliá hotel providing 207 en-suite bedrooms, a restaurant, conference facilities, gym and rooftop Skybar, along with four new retail units, one leisure unit and two floors of Grade A office space fronting Old Hall Street and Brook Street.
Richard Dawes, director in the hotels team at Savills, said: “The sale of the Echo Building to Select Group reinforces the appeal of gateway UK cities like Liverpool to overseas capital and demonstrates the strong appetite for mixed-use developments supported by fixed income hotel investments.”
Rahail Aslam, group chief executive of Select Group, added: “Having deployed substantial capital in the city previously, we know Liverpool well and firmly believe it will deliver superior long-term rates of economic growth and increase in its attractiveness to other institutional investors.
“We are thrilled to contribute with the redevelopment of the Echo Building, a landmark project that will be a fantastic showcase for the Innside brand and extremely well suited to corporate occupiers.”
Shepherd and Wedderburn LLP and Withers LLP acted for Reach PLC and Select Group respectively.
Reach PLC is the former Trinity Mirror media group, which owns the Liverpool Echo.