JSM adds to Liverpool holdings with court buy
Phoenix Money has loaned the hospitality development specialist the cash to acquire the former magistrates court on Dale Street ahead of its conversion into a hotel.
JSM Company Group has bought the grade two-listed building from Belgian investor VSHF Developments for around £2m.
VSHF secured planning permission for the building’s transformation into a 111-bed hotel last year.
The acquisition of the four-storey building, vacant since 2015, bolsters JSM’s growing portfolio of Liverpool leisure assets.
The firm also owns the former Bank of England building on Castle Street, which is let to The Ivy, and the old Fruit Exchange on Mathew Street which has permission for a hotel conversion.
The loan was approved inside 20 days, according to Phoenix Money.
Matt Crebbin, property and assets manager at JSM Company Group, praised the lender’s approach: “This was our first transaction with Phoenix Money, and the level of commitment, speed, and hands-on support from Manish and the Phoenix team was exceptional.
“They were available and present throughout the transaction and their ability to work alongside us in a tight timeframe gave us real confidence. We look forward to working together again on future projects.”
Manish Gambhir, managing director at Phoenix Money, said the deal was an example of what strong collaboration can
“Collaborating with JSM Company Group on this landmark project has been a real pleasure.
“Their vision for the site and our ability to provide a tailored funding solution made this a seamless process. Completing a deal of this scale in 20 days speaks volumes about the trust and efficiency between both teams.”
JSM must be one of the largest private sector property owners in the whole of Liverpool city centre!
By KTN
Lovely building , and disappointing that the Belgian design not going ahead. JSM are a bit hit and miss in that they promise a lot but don’t always deliver. They have the project at Cavern Walks and the promised hotel there, plus another hotel at the ex Fruit Exchange building in Victoria St, but in both cases there doesn’t seem to be any urgency to get things moving.
By Anonymous
So what is JSM gonna do with the building? And when is the fruit exchange going to be a hotel
By Georgd
Think how great this will look cleaned up and uplit, like the former Municipal Building opposite.
By Anonymous
We need to start redeveloping buildings like this for higher density
By Common Sense