Listed investment trust Gresham House has agreed a £61m deal to sell an 18-acre site in Speke, South Liverpool.
The deal is conditional on a successful planning application to Liverpool City Council within a five-year period to change the current land use from industrial to retail. Gresham House has yet to disclose the buyer, but denied rumours of interest from AIM-listed investment company Summit Germany.
The Speke site occupies a prominent location on Speke Boulevard at its junction with Woodend Avenue and the adjacent Novartis factory. It comprises around 289,000 sq ft of vacant industrial space together with a number of commercial tenants who will move out if the change of use application is successful.
The deal continues the recent trend towards retail and leisure at the southern gateway to the city, which in July saw the opening of the nearby Speke District Centre, anchored by a Morrison's supermarket, a £35m development led by Liverpool Land Development Company.