Luxury resi scheme for former HMRC building

REAL estate investor Moorfield Group will transform the former HM Customs & Excise building at Queens Dock in Liverpool into a luxury private residential development of 240 waterside apartments.

Moorfield is working with Glenbrook Property in delivering the £30m scheme. The flats will be marketed to the private-rented sector and are scheduled for completion in September 2015.

Charles Ferguson Davie, chief investment officer at Moorfield said: “Queens Dock offers an excellent opportunity to redevelop a unique building on the waterfront district of Liverpool. We intend to participate in the continued regeneration of the area, creating one of Liverpool’s best residential schemes that will bolster the supply of quality apartments in the city.

“This is a landmark asset in Liverpool’s thriving vity centre and part of a larger strategic push into the PRS sector for funds managed by Moorfield.  Works will begin immediately, underlining our commitment to this scheme and the city of Liverpool.”

Ian Sherry, managing director of Glenbrook Property said: “Since identifying this opportunity, our team has worked hard to design a scheme that will deliver a superior specification in the most fantastic setting on Liverpool’s renowned waterfront. We are delighted that Moorfield share our vision and confidence in the scheme and we look forward to working together.”

Glenbrook secured planning consent in March 2013 for a full conversion from commercial office space to residential, with a mix of 240 studio, one, two and three bedroom apartments.

DWF represented MREF III and Jones Lang LaSalle acted on behalf of Glenbrook Property.

The 230,000 sq ft building was sold by commercial landlord Mapeley Estates.

Chief executive Mark Smith said: “We are delighted to have found a regeneration solution that allows Queens Dock to have a continued beneficial life providing quality apartments for Liverpool city centre residents.

“Faced with a very tough economic environment over the last few years, this sale represents an excellent outcome for all parties involved and especially so for Liverpool as a city. This development is important for the on-going regeneration of waterfront around the Queens Dock building and builds on the momentum initiated through the successful Kings Dock Master Plan.”