India Buildings on the market

Green Property has instructed CBRE and Worthington Owen to sell the 350,000 sq ft grade two-listed India Buildings in Liverpool’s Water Street.

Green bought the property in 2008 with funding from Allied Irish Bank and has since spent millions of pounds on the refurbishment of the island site.

The building suffered under previous owner Achilleas Kallakis’ Atlas Group and numerous tenants left after the building’s maintenance fell behind. Kallakis is currently serving a prison sentence for his part in a £740m fraud.

The landmark property was constructed between 1924 and 1932 and is arranged over ground and nine upper floors with basement and sub-basement levels. The building includes the Holts Arcade, a barrel-vaulted retail arcade running the length of the building.

India Buildings has its own entrance to James Street underground station.

Colin Thomasson, executive director at CBRE Manchester, said: “The sale of India Buildings offers investors a unique and exciting opportunity to acquire one of Liverpool’s most famous buildings, located in a highly sought-after area with an immense amount of further potential. The opportunities to upgrade and reposition the property will carry strong appeal to investors seeking an asset management opportunity and similarly, the options to explore the building’s uses will ensure high levels of interest from dynamic investors keen to secure an asset in one of the city’s best locations.”

Mark Worthington of Worthington Owen, said: “We are very excited to bring this true landmark building to the market at a time when Liverpool is attracting interest from a wide spectrum of investors and developers. Given the high level of vacancy there is considerable scope for conversion of part to alternative uses whilst at the same time for the building to be repositioned once again as the most important office building in the city.”

Tenants include DLA Piper and Colliers International’s recently launched Liverpool office.