Infinity JV buys Albany scheme

MANCHESTER-based private equity firm Infinity Asset Management has teamed up with property investor 53N to buy the Albany Building in Liverpool’s Old Hall Street.

The site was developed into apartments by Chris Nisbet’s Albany Assets which went into administration several years ago.

A joint venture, Infinity (Albany) LLP, has bought the building for an undisclosed sum from administrator Ernst & Young.

53N involves Stephen Chicken and former Urban Splash man Andrew Waugh, while Les Lang heads Infinity’s property business.

Mr Nisbet’s Albany Crown, which was seeking to build a tower on the site of the derelict Employment Exchange in Aytoun Street, Manchester, went into administration in May.

The Albany was built in 1856 for Richard Naylor, a wealthy banker. It combined office and warehousing space and before the construction of the Cotton Exchange it was the meeting place for cotton merchants.

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