A joint venture of Crossfield Group and Exclusive Investments has purchased Birchen House in Birkenhead for £2.1m, a project which had previously stalled after its developer entered administration.
The building on Canning Street was formerly used as an office for HMRC before undergoing a residential conversion.
The scheme’s previous developer, Birchen House Limited, was headed up by director Paul Burgess but entered administration last summer, leading the building to be put up for sale the following January.
Crossfield and Exclusive Investments have now concluded the £2.1m purchased with Wignall Brownlow, who were acting on behalf of Birchen House’s liquidators, and have outlined plans to complete the scheme.
Renamed Mersey View Residence, the five-storey redevelopment will feature 62 studio, one, and two-bed apartments.
Crossfield Construction, part of the Crossfield Group, has started on interior fit-out and M&E works, which is expected to take around six months, with the development set to complete early next year. Part of the original grade two-listed Pier Hotel, which forms a portion of the building, is also being restored.
David Cain, director of Crossfield Group, said: “We identified the scheme as a great opportunity to add value and provide a return for our investors, while also helping to kickstart the regeneration of this often-overlooked part of Merseyside.
“Having our own construction arm available to deliver the works has ensured we could commence construction immediately. It was always our intention to turn the scheme around swiftly due to how long it has been stagnant.
“As a local employer, we have committed to a fully local supply chain which further contributes to the towns local economy and ongoing regeneration.
“We are extremely pleased at the initial interest in the apartments and expect them to sell quickly.”
Funding for the acquisition was brokered by Watts Commercial, while Vincents Solicitors acted for Crossfield and Exclusive Investments.