Developer Taylor Rhodes Group has acquired the Walton Building on Liverpool’s Tithebarn Street, announcing plans to add a further level to the vacant art deco building.
The building currently houses 20 apartments. TRG’s intention is to build an additional storey, increasing the total number of apartments by six. Advised by law firm Glaisyers, the business secured a seven-figure package from a specialist offshore lender to fund the purchase.
TRG said that the refurbishment project on the existing space is scheduled to take 30 weeks to complete, with the construction phase expected to take a further 12 weeks. The apartments will be sold off-plan, and a number have already been purchased by investors.
TRG is owned by Alex Taylor, Charles Rohdes and Allan Stables. Taylor and Rhodes established their property business in Manchester in summer 2018, and have since completed the ten-apartment Brooklyn Lofts scheme in New Cross. It is now on site in Manchester’s Red Lion Street with Union Square, a 37-apartment new-build project that has again sold off-plan.
Rhodes said: “Liverpool is home to some of the most stunning architecture in the UK and was a natural choice for the next stage in our expansion. I’m so glad we have got this deal over the line – The Walton is an iconic building and we are going to create something really special here while treating the property with the respect it deserves.”
Glaisyers’ corporate advice to TRG included work on the loan agreement, a suite of security documents and a restructuring of the company’s shareholding.
Akbar Ali, head of corporate, said: “Charles, Alex and Allan are a great team who are building a fantastic business. It’s my pleasure to be part of a project that is contributing to the ongoing regeneration of Liverpool and renaissance of its city centre.”
The Walton Building sits close to Moorfields station and was originally known as Hornby House. The property was originally used by WH Smith as a distribution centre, was then acquired by the Oak Co-operative Building Society and used as offices until Liverpool Polytechnic bought it in the 1970s for use as a library. It was converted to residential in the 1990s.