Administrators for the troubled Victoria House development in Liverpool city centre have sold the building for £2.35m to a subsidiary of London-based A R & V Investments Limited.
Recovery experts at Dow Schofield Watts were appointed as administrators of Pinnacle Residential (Liverpool) Limited in April. A national marketing campaign was launched to find suitable buyers for the property and generated significant interest.
The seven-storey former office building has planning permission for around 70 apartments and had been stripped to the shell prior to the administration.
The new owners intend to complete the transformation of the 27,000 sq ft building and refurbish to high-specification residential units.
Lisa Moxon, Joint Administrator and Partner at Dow Schofield Watts, stated: “We are delighted to complete the sale of the property for the benefit of the bank involved and for the many parties who had paid deposits to Pinnacle on a number of the proposed flats.”
Robert Diggle, Director at Eddisons and agent for Dow Schofield Watts, said: “We’re delighted to complete the sale of this landmark city centre building and enable an empty building to be transformed.
“Significant interest was generated on a local, regional and national basis from a diverse range of end users, whose plans for the building ranged from developing for residential apartments to apart-hotel, hotel and office use.
“Buildings in Liverpool City Centre are highly sought after and demand a premium at this present time, and we’re pleased we have achieved an excellent price for the client.”
Aron Azouz of A R & V Investments Limited commented: “We are excited to add a significant, prominent building in Liverpool City Centre to our portfolio. We intend to carry out a comprehensive redevelopment of Victoria House and look forward to bringing a unique product to the market. Units will be available to rent from Summer 2020.”