Pair of Signature resi schemes put on the block
Two development sites in Manchester and Liverpool are being marketed for sale after their owning entities, Signature Living Residential and Signature Victoria Mill, collapsed into administration in April.
The sites include 60 Old Hall Street, a part-complete office to residential conversion planned to provide up to 167 apartments, and Victoria Mill in Manchester, a grade two-listed building that has consent for 85 loft-style apartments.
60 Old Hall Street is in Liverpool city centre, close to prominent commercial occupiers and a clutch of amenities. Victoria Mill is located close to Ancoats Urban Village and the Eastlands Masterplan area, where US-based stadium developer Oak View Group is to build an entertainment arena for the city to rival the existing AO Arena.
Consultancy Lambert Smith Hampton has been instructed to market the properties by joint administrators at FRP Advisory Trading, which are handling the administrations of several entities of developer Lawrence Kenwright’s Signature Living Group.
The special purpose vehicles delivering the two developments, Signature Living Residential and Signature Victoria Mill, were placed into administration in April, weeks after the collapse of the group’s hospitality arm Signature Living Hotel and Signature Shankly, the holding company behind the Shankly Hotel at Millennium House in Liverpool.
LSH said that 60 Old Hall Street and Victoria Mill are “exciting development and investment opportunities in excellent, sought-after locations.”
The sales, despite being launched during challenging economic times, are expected to attract significant levels of interest, LSH added, “due to the excellent nature of the micro-location of Liverpool and the uniqueness of Victoria Mill, situated in an area of central Manchester that has experienced significant investment in recent years.”
Ian Scott, national head of build-to-rent and private rented sector at Lambert Smith Hampton, said: “We are delighted to bring these two schemes to market. Both opportunities provide an immediacy in terms of delivery which ground-up development does not.
“The combination of quality accommodation in outstanding locations makes both schemes an excellent investment opportunity particularly when you consider the strength of the residential market compared to a number of other commercial property markets at this moment in time.”
