Delph debuts in North West

London-based residential investor Delph Property Group has acquired apartment block West Tower in Liverpool from administrator Grant Thornton.

Delph owns assets throughout the UK but has not owned anything in this region before now.

West Tower was developed by Beetham Organisation and is Liverpool's tallest building at 40 storeys, 140 metres or 459 feet.

The sum paid by Delph was not disclosed. The asking price was £12.5m.

Delph had £3m of net assets in 2011, when it produced a £6m turnover and £400,000 pre-tax profit.

Howard Crocker, director of Delph Property Group, said: "West Tower is the finest residential building in Liverpool and represents a superb addition to our portfolio of prestige properties.

"The word iconic does get overused in property but in the case of West Tower it is fully justified. It has a stunning location and is a quality proposition."

Les Ross from Grant Thornton said: "We are pleased to have resolved all the issues and concluded the sale."

The first five floors of West Tower are commercial office space. The remaining floors consist of 127 fully let apartments apart from the 34th floor, home to the Panoramic restaurant.

Jones Lang LaSalle's Liverpool-based teams of residential investment, project and development services, valuation, ratings and landlord and tenant departments advised Grant Thornton.

The team received more than 100 expressions of interest, and 15 firm offers.

Martyn Green, director of Jones Lang LaSalle, said: "This is a unique transaction for the North West's residential market. It is very rare, in any city, for a scheme of this scale and quality to be up for sale in its entirety. West Tower is a true landmark building and unsurprisingly we received a significant level of interest. The scheme is a fine addition to Delph's portfolio."

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Quite amazed to consider this building had an asking price of £12.5m compared with the construction cost! 127 apartments at an average of £750/m rent offers a return of £95k/month, which is a total ROI after only 11 years! Bet Beetham never thought it would get this bad when they considered the scheme before the world went mad!