Queensberry Real Estate, backed by Bywater Properties, plans to echo the success of its Corn Exchange redevelopment in Manchester at Liverpool’s Metquarter Shopping Centre, following the acquisition of the property for around £18m.
The Metquarter was sold by Columbus UK Real Estate Fund, which bought the site in 2012 from Irish investors. The Irish consortium was rumoured to have purchased the asset for around £85m in 2007.
The centre is made up of 130,000 sq ft retail and restaurant space across 44 units over ground and first floors.
Paul Sargent, chief executive and co-founder of Queensberry Real Estate, said: “We look forward to extending our successful working relationship with Bywater Properties at Metquarter. Our joint business plan seeks to reposition the Metquarter as a premium dining and retail destination within the city, carrying on our great relationship with restaurant operators that have worked with us at the Corn Exchange, Manchester and Tunsgate Square, Guildford.
“The main objective is to convert the north-west end of the property into A3 use and attract a high quality cluster of restaurants with an all day and evening offer. This in turn will complement the existing retail offer, which includes Jack Wills, Armani Exchange, Hugo Boss and Jo Malone among others.”
The Metquarter is in the Castle Street Conservation Area, fronting on to Whitechapel, Liverpool’s traditional high street. It is also on the fringe of the Cavern Quarter and near to Liverpool One.
Queensberry Real Estate and Bywater Properties were represented by Savills. Coady Supple represented Columbus UK Real Estate Fund.