Real estate lender Qsix is providing finance to complete phase one of Harcourt Developments’ mixed-use conversion of the 1.4m sq ft Liverpool building.
The first phase of the Stanley Dock project comprises 192 apartments and 28,500 sq ft of ground floor commercial space. Construction is underway and the first residents are expected to move in this summer, following the agreement of the £40m facility from Qsix Real Estate Finance.
Overall, Dublin-based Harcourt’s Tobacco Warehouse project is to deliver 538 apartments and 100,000 sq ft of ground floor commercial space across three phases.
“We are immensely proud to be delivering a revitalised Tobacco Warehouse,” said Patrick Power, director at Stanley Dock Properties, Harcourt’s delivery vehicle.
“As one of the largest heritage-to-residential building conversions in UK history, Tobacco Warehouse is a major landmark for Liverpool and will be a catalyst for regeneration of the wider area.”
The grade two-listed 14-storey building was built in 1901 and is thought to be one of the largest brick buildings in the world.
Tobacco Warehouse falls within the Ten Streets regeneration zone, a 125-acre area of docklands earmarked for redevelopment into “creativity district” featuring 1m sq ft of development.
Other emerging schemes on Liverpool’s historic docklands include Peel L&P’s £5bn Liverpool Waters and Everton FC’s new 53,000-capacity stadium at Bramley-Moore Dock.
Gareth Williams, head of QSix, said: “We are delighted to provide this loan and support the re-development of a truly unique building that forms part of Liverpool’s heritage.”
The project team for the Tobacco Warehouse project includes main contractor Abercorn Construction, and architect Darmody Architecture.