Castle Chambers primed for upgrades
Owned by Merseyside Pension Fund, the Liverpool office building is set to receive a £5m refurbishment to bring it up to modern standards.
As set out in a report that goes before a special meeting of Wirral Council’s pensions committee next week – Wirral being the authority responsible for overseeing the administration of the pension fund – parts of Castle Chambers need a refit so it can continue to attract tenants and come into line with changing environmental standards.
Approval is sought to appoint a main contractor, which will then be reported to a subsequent meeting. CBRE advises MPF.
One of the most prominent office buildings in the historic city core, the 1950s-built Castle Chambers offers around 148,000 sq ft in total.
MPF holds more than £1bn in real estate investments, of which around £400m is invested directly in UK properties. As the report authored by MPF director Peter Wallach set out: “It is essential that the Fund’s properties are well maintained to ensure compliance with regulatory/environmental standards and to retain and attract tenants.”
Following an options appraisal, CBRE was instructed to design a works programme that will include interventions on four floors: a basement improvement including a cycle store and shower facility; Cat A office space and terrace fit-out at first and sixth floor levels, and Cat B fit-out of office space at the second floor.
Tender documents were issued on 26 November, with six contractors submitting tenders by an extended deadline of mid-February.
However, it has now been necessary to vary the scope of works, due to changes in accommodation requirements.
The contractors will be asked to submit revised bids accordingly, with authority sought for the MPF director to then make the appointment and move the project forward.
A good building in a prime location. If they do a proper job of the refurb I shouldn’t imagine they’d have too much trouble letting those suites.
By Anonymous
Good to hear about an office upgrade in the city, this is a fine building and this strategy should prove attractive for tenants.
By Anonymous
Tendering to 6 is not appropriate!! Best case, 5 contractors will have invested time and effort at great cost for nothing. Better initial shortlisting process is required to determine skill and appetite for the job then tender to 3 keen contractors.
By Project Manager