Capital & Centric has completed the acquisition of the 180,000 sq ft art deco Littlewoods building on Edge Lane, Liverpool, just weeks after the announcement that the developer’s Bunker scheme in the adjacent building is fully let.
An adjacent six-acre development plot is included in the deal.
C&C has agreed a 250-year lease with Liverpool City Council to create a hub for film, TV and other creative industries at the site, which has long been a regeneration target for the city – in 2005, Urban Splash was selected by Liverpool Land Development Company as preferred developer for the site before plans were shelved.
The scheme proposed by C&C represents a £35m investment for the firm. Director Tim Heatley said: “This acquisition marks an important milestone for us, it is the result of more than five years’ hard work and the next step in realising our vision for this high profile site, which forms an important gateway to the city.
“Bunker has successfully attracted a mix of media and tech companies that will inspire the future of our Littlewoods scheme and we can’t wait to get started. We are in the last throes of finalising the legal agreements with Liverpool City Region Combined Authority for gap funding to secure the future of this iconic structure.”
The 17,500 sq ft Bunker, formerly storage space for Littlewoods, was speculatively developed at a cost of £2.6m.
Cllr Malcolm Kennedy, the council’s cabinet member for regeneration, said: “We are well aware of Capital & Centric’s excellent track record in delivering innovative buildings and I’m sure they will handle this vital piece of regeneration with sensitivity and great imagination.”