Offers invited for Liverpool’s 96-flat Colonial Chambers

Watling Real Estate is set to sell the freehold interest of the 3-11 Temple Street block, which hosts a range of luxury apartments.

The 29,000 sq ft Colonial Chambers, originally built as a warehouse, rises six storeys and, according to the Land Registry, the freehold was last traded in April 2016 for £1.3m.

Most of the 96 flats have been sold, while 27 remain available for sale, currently offering a ground rent income of £24,000 a year.

There are 18 apartments on each of the ground and first three upper floors, and a further 12 flats are on each of the top two floors.

The block’s two basement floors, covering 7,500 sq ft have previously received consent for an apart-hotel development.

The famous Cavern Club, which hosted The Beatles, is only 150 metres from Colonial Chambers’ door.

Ian Whittaker, director at Watling Real Estate, said: “This property provides an excellent opportunity to create significant value through intensive asset management.

“The upper floors are largely complete, while the apartments on the ground floor are mainly at a first-fix stage.”

He continued: “We are now inviting unconditional offers for the freehold interest in this property, which includes the 27 unsold apartments.

“There is also scope by separate negotiation to re-acquire the sold leasehold units for full control of the asset.

“We have direct contact with the leaseholder group and understand that the significant majority of leaseholders are receptive to negotiating a sale of their interest in the property.

“There is an additional potential for an apart-hotel on two basement floors, subject to full planning permission.”

Chris Walker and Andrew Foster of Watling Real Estate have been appointed joint fixed charge receivers of Colonial Chambers.