Infinity buys Albany building

Manchester-based private equity fund and property finance firm Infinity Asset Management in a joint venture partnership with 53N has bought the Albany Building in Old Hall Street, Liverpool city centre.

An undisclosed sum was paid by Infinity (Albany) LLP to the Albany or administrator Ernst & Young.

Albany Assets had converted the former cotton warehouse into apartments before going into administration following the collapse of the residential property market.

Les Lang, the former director of Ask Developments, heads the property arm of Infinity, while Stephen Chicken and Andrew Waugh are involved with 53N.

Infinity Albany has bought 69 apartments and plans to invest a further £1m to improve the apartments and let them before releasing them to market.

The Albany building consists of 123 apartments in total, with 55 of them already sold, and 20 of the apartments bought by Infinity are also let.

The Infinity deal includes the purchase of 16,000 sq ft of commercial space which the Albany Restaurant previously occupied part of.

The Albany Group, run by Chris Nisbet, originally paid Empire Properties £2.3m for the Albany in 2001.