Liverpool City Council is seeking £1.3 million of capital resources to enable the full occupancy of the Cunard Building.
The local authority is planning a package of works to make the waterfront landmark a more attractive proposition to new tenants.
A report to the council’s cabinet is recommending approval be given to amend the capital programme to provide the additional financial resources need for the works which are being described as “essential”.
The Cunard Building was acquired by the council in 2014 for £9.9m, and in 2015 it took occupancy of the 4th, part 5th and 6th floors.
According to the report, which will go before cabinet next Friday (26 October), the council has secured a number of third party tenants for the building over the period of its ownership including Public Health England – as such that the property is now over 75% occupied.
During the past six months, £0.9m of funding has been secured from the capital programme for various improvement works including fire alarm renewal, security and other infrastructure works.
More recently, additional works have been identified that the council says will again improve and upgrade vacant space and infrastructure to increase occupancy further.
The proposed additional improvement works include the refurbishment of vacant spaces across the lower floors, increased toilet provision and the creation of a new basement cycle store and showers.
The report adds: “The current status of the property market within the Liverpool area is reasonably buoyant at the present time.
“There is however a shortage of quality office space available within the core commercial district of the city due to a growing trend in converting office space into alternative use premises and due to the general lack of new build supply.
“This, coupled with an upturn in occupier demand, means that any new office space supplied within the next few years will receive substantial interest in the marketplace.
“On this basis, there is real confidence that any speculative office refurbishments within the Cunard Building would let reasonably quickly.”