Calling all buy-to-let investors: Liverpool office building to become ‘The Residence’ following £3.75m acquisition
Plans have been revealed for the conversion of an empty office on Water Street, next to Oriel Chambers and Martins Bank, into 96 apartments following the sale of the block for £3.75m.
The 73,000 sq ft office was purchased by a partnership between long term business associates Craig Blackwell of Prospect Capital and Martin Wilcocks of Wilcocks & Wilcocks.
Plans for the 1970s building include a complete overhaul of the building’s façade, the installation of feature lighting throughout and, subject to planning, an addition of two further floors and roof terrace, bringing the GDV of the site to £14 million.
Craig Blackwell said: “The work on the site will retain the unique porthole styling in line with the architect’s original contemporary and minimalist vision. This building sits in the heart of one of the great streets in the business district, Water Street with views of the world famous waterfront.”
With entry level prices starting from just £80,000 it is easy to see why pre sales are rising weekly with 75% now sold out, a little over 8 weeks from launch.
Branded as “The Residence” the site is being marketed to buy-to-let investors at £225/sq ft. The apartments proposed are a mix of studio, one and two-bedrooms with Ascot Property Investments acting as master agent on the development.
Martin Wilcocks added: “It’s great that we have been able to contribute towards the re development of a number of flagship Liverpool city centre properties that before we got involved were more or less unoccupied commercial buildings.
“Number 8 Water Street has been largely vacant for a number of years, and was previously the head office for Aviva. In recent years the building was used by artistic collective If Only, which sub-let the space from Shape Arts.”
Both partners have also moved their own companies, Wilcocks & Wilcocks and Prospect Capital into the building (which also now includes Ascot Property Investments) which is a mix of commercial and residential.