Commercial Estates Group has completed the sale of Silkhouse Court in Liverpool city centre to Fortis Developments and Signature Living, who have already submitted plans for a residential conversion of the block.
CEG sold the 15-storey office building for £5.5m. The 120,000 sq ft building in the traditional commercial district will contain 193 flats when the £25m transformation completes next year. Silkhouse will be the latest significant office to become residential as Liverpool’s market rebalances, losing outdated stock but still awaiting major new office development.
Fortis Developments and Signature Living are using permitted development rights, which allows for change of use from office to residential without need for a full planning application.
Brian Ricketts, partner and head of office agency, Hitchcock Wright & Partners, acted for CEG. He said: “This disposal follows on from CEG’s acquisition of Exchange Station [nearby on Tithebarn Street] in March this year and marks an ongoing realignment of the company’s investment portfolio in the city. CEG is a committed investor in Merseyside and is actively seeking new investment opportunities to further increase its foothold in the region.”
Ian Steele, director at Bilfinger GVA, advised Fortis and Signature Living. He said: “Given its location, size and layout, Silkhouse Court represented one of the best remaining opportunities in the city to acquire an existing office building for conversion to residential use. The dynamics of the city centre are constantly changing with a large number of office buildings being sold in the traditional core and commercial district for alternative purpose and this sale marks a logical step in the continued evolution of the city.”