CBRE advises Green on India Buildings revamp

Irish investor Green Property is planning a major refurbishment of India Buildings, the 350,000 sq ft office acquired in Water Street, Liverpool at the end of last year.

The staged refurbishment will begin with the vacant fifth floor in the multi-let ten-storey block, where occupiers include several law firms; Weightmans, DLA and Rees-Roberts Solicitors among them.

Green Property, controlled by Stephen Vernon, acquired India Buildings for an undisclosed sum as part of a portfolio of 12 assets from Greek shipping tycoon Achilleas Kallakis's Pacific Group. In January, Green snapped up a further four properties from Pacific.

CB Richard Ellis was appointed by Green to manage the building, previously managed in-house, and is advising on the refurbishment plans.

John Lea, head of management services in CBRE in the North West, said: "We will be helping Green bring this glorious building up to modern Grade A office standards but with the sense of style such a building deserves.

"This is arguably the only building in the traditional commercial core of the city today that can offer floorplates as large as 33,000 sq ft. That opens it up to the market for major Government departments and inward investment relocations."

Lea said the refurbishment strategy would have to be flexible to work around existing tenants, delivering revamped space if and when it falls vacant.

Allied Irish Bank backed Green Property's recent spate of acquisitions. Prior to the sale of India Buildings, tenants complained about the management of the building, especially when the lifts went out of service due to non-payment of bills.

Lea said Green paid the lift company on the day it acquired the building and all services are now working properly.

Pacific acquired India Buildings in 2004 for £45m, then a record property transaction in Liverpool.