India Buildings sold for £17m

Green Property has sold the grade two-listed India Buildings in Liverpool’s Water Street to Shelborn Asset Management, on behalf of overseas clients, for £17m.

India Buildings dominates Liverpool’s traditional office district and occupies an entire city block between Water Street and Brunswick Street, in the heart of Liverpool’s commercial centre.

Built between 1924 and 1932, the asset totals 500,000 sq ft, arranged over ten floors above ground and basement and sub-basement levels. The building includes the Holts Arcade, a barrel-vaulted retail arcade which runs the length of the building.

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

Green bought the property in 2009 with funding from Allied Irish Bank and has 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 paid £45m for the building in 2004.

The property is currently 80% vacant. Existing office tenants including DLA Piper, Colliers International and Citizens Advice Bureau.

According to a statement from Green, there is potential for the building to be converted to alternative uses, including residential and hotel.

Mike Tapp, director of Green Property, said: “India Buildings is a truly stunning office building of outstanding external architecture and internal public space, offering rich potential to house modern office accommodation, or indeed other uses. Our 35,000 sq ft refurbished fifth floor has delivered some of the highest quality office space seen in Liverpool.”

CBRE and Worthington Owen represented Green Property and Knight Frank acted for Shelborn Asset Management.